Despite revenue and size of the workforce increasing, a 69% dip in Emirates Airline’s profits for the financial year 2018-2019 means employees will not receive a bonus.
Reports reveal the decision to withhold the bonus is due to a ‘difficult year’ for the Dubai airline.
Profits dropped by 69% to AED871million for financial year end March 2019 in comparison to the AED4.1billion profit reported at year end 2018. This loss is attributed to higher oil prices, meaning a higher fuel bill, the strengthening of the US dollar and a drop in travel numbers.
However it was also reported, revenue increased by 6% to reach AED97.9million and the workforce increased by 2%.
“2018-19 has been tough, and our performance was not as strong as we would have liked”
Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, made a statement regarding the figures on Thursday.