Dubai-based international aviation holding company, Emirates Group reported a profit of Dh 1.7 billion ($ 456 million) for the financial year closed 31 March 2020.
The Group’s income reached Dh 104.0 billion ($ 28.3 billion), a YOY decline of 5 percent. The Group’s cash surplus was Dh 25.6 billion ($ 7.0 billion), up 15 percent from last year mainly due to a robust business display up to February 2020 and cheaper fuel cost compared to the previous year.
“For the first 11 months of 2019-20, Emirates and dnata were performing strongly, and we were on track to deliver against our business targets. However, from mid-February things changed rapidly as the COVID-19 pandemic swept across the world, causing a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions.”
Due to the unforeseen business environment from the ongoing pandemic, and to protect the Group’s liquidity position, the Group has not declared a dividend for this financial year after last year’s dividend of Dh 500 million ($ 136 million) to the Investment Corporation of Dubai.