The Emirates Group continued to make profits for the thirty-second year in a row.
According to the newspaper, the 2019/2020 fiscal year report, its profits for the fiscal year ending March 31, 2020 amounted to 1.7 billion dirhams ($ 456 million). , Down 28% compared to last year. While revenues declined due to the contraction of operations during the closure of the Dubai International Airport maintenance runway in the first quarter, in addition to restricting air and travel traffic due to the Covid-19 pandemic in the fourth quarter. . The group's revenues reached 104.0 billion dirhams ($ 28.3 billion), a 5% decrease from last year's results, and cash balances reached 25.6 billion dirhams ($ 7.0 billion) with a growth of 15 % From last year, thanks to strong performance through February 2020, and lower oil prices compared to the previous year. In view of the unprecedented global economic conditions as a result of the continuing pandemic of Covid-19 and to maintain the financial liquidity of the group, the group decided not to provide a share of the profits to the owners this year, after having Last year, I made a share of the profits for the 2018/2019 fiscal year of 500 million dirhams ($ 136 million) to the Dubai Government Investment Corporation. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Supreme President and Chief Executive Officer of Emirates Airlines and the Group: Emirates Airlines and dnata achieved during the first 11 months of the fiscal year 1019/2020 a performance Strong, and we were on our way to achieving our specified goals, but things started to turn upside down since mid-February due to the spread of the pandemic of Covid-19 in various regions of the world, which caused a huge decrease in the demand for air travel, as countries in turn began to close their borders And severe travel restrictions. His Highness added, "Our industry is always vulnerable to being affected by many external factors, even without a pandemic." The growing strength of the US dollar against major currencies during FY 2019/2020 eroded our profits by an estimated billion dirhams. The demand for air freight also remained sluggish for most of the year, while competition intensified in our main markets. His Highness continued: Despite these challenges combined, Emirates and dnata have managed to continue to achieve profitability for the thirty-second year in a row, thanks to the good demand for our products and services. , Especially in the second and third quarters of the fiscal year, in addition to a decrease in the average fuel prices on an annual basis. His Highness added: Our capabilities, our ability to adapt and the flexibility are tested every year. While we deal with various urgent challenges and work to take advantage of opportunities, we are guided in making our decisions always with our long-term goals, which is to create and develop profitable, sustainable and responsible business in Dubai. During the fiscal year 2019/205, the Emirates Group invested 11.7 billion dirhams (3.2 billion ...
