Emirates Airlines expects to return to profit within a year and a half

Emirates Airlines expects to return to profitability in the next two years, with the opening of new routes and attempts to recover from the worst crisis in the history of the global aviation industry.

According to Arabiyanet, Tim Clark, the president of Emirates Airlines, said in an interview with the US network CNBC: I think that in the next 18 months, that is, two years, we will return ourselves to Profitability.

He added: We will achieve net positive cash flows by the end of next year, and return to profitability in (fiscal year) 2022-2023.

and earlier this week, Emirates announced a loss of $ 3.8 billion in the first half of the year, its first loss in 30 years. Coronavirus-related closures lead to the halt of international travel, as the company's revenues collapsed by 74% to $ 3.7 billion.

Clark said there are a lot of things that could change that, pointing to a number of key concerns that still loom over the travel sector. We are an international company with operations in all countries of the world.

His comments come after fresh warnings from the International Air Transport Association (IATA) that the industry cannot cut costs enough to neutralize heavy cash bleeding and avoid bankruptcy in 2021.

cache is king

Cash is king, according to Clark, adding that as long as we can maintain our cash position in good shape, we believe we will be ready to return to the markets, as we have always done.

Emirates Airlines said it was using its cash reserves to ensure that it had sufficient funding to maintain its operations, as the company reduced 25% of its employees, and the Dubai government intervened by pumping two billion dollars In the capital in an attempt to revive the company.

Clark was optimistic, saying everything will quickly recover, and I don't think it will take long or it will not be as it was.

he added, I tend to believe we will be just as fine as we were before Covid as an airline.

This week the United Kingdom included the United Arab Emirates in its list of travel destinations, which means that travelers from the United Arab Emirates to the United Kingdom after November 14 will not need yet Now to self-isolate for 14 days.