UAE – Mubasher: The 2019/2020 annual reports of Emirates Group showed a 28% decrease in profits to AED 1.7 billion ($456 million) in the fiscal year (FY) ended on 31 March 2020.
The group's revenues declined by 5% to AED 104.0 billion ($28.3 billion) in FY19/20, compared to the previous year, due to the Dubai International airport (DXB) closure amid the coronavirus (COVID-19) pandemic, according to a press release on Sunday.
To protect the group's financial position from the economic consequences of COVID-19, the group has not announced the distribution of dividends.
Meanwhile, the profits of Emirates airline hiked by 21% to AED 1.1 billion ($ 288 million) in FY19/20 from the previous year.
Emirates' revenues dropped by 6% to AED 92.0 billion ($ 25.1 billion) due to the suspension of flights since March.
The Chairman and Chief Executive of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said: "Even without a pandemic, our industry has always been vulnerable to a multitude of external factors. In 2019/20, the further strengthening of the US dollar against major currencies eroded our profits to the tune of AED 1 billion."
"Despite the challenges, Emirates and dnata delivered our 32nd consecutive year of profit, due to healthy demand for our award-winning products and services, particularly in the second and third quarters of the year, combined with lower average fuel prices over the year," the chairman added.
