Emirates announces 32nd consecutive year of profit

(Supplied)
(Supplied)

Revenue generated from across Emirates six regions continues to be well balanced, with no region contributing more than 30% of overall revenues.

Europe was the highest revenue contributing region with US$ 7.1 billion, down 8% from 2018-19. East Asia and Australasia follows closely with US$ 6.6 billion, down 9%. The Americas region recorded revenue growth at US$ 4.0 billion, up 1%.

West Asia and Indian Ocean revenue increased by 4% to US$ 2.7 billion. Africa revenue decreased by 4% to US$ 2.4 billion, whereas Gulf and Middle East revenue decreased by 8% to US$ 2.1 billion.
 
As of early April, Emirates SkyCargo commenced cargo services to South Africa, with two passenger freighter flights per week between Dubai and Johannesburg.
 
For the financial year 2019/2020 Emirates SkyCargo helped export over 22 000 tonnes of cargo from South Africa, with the top export commodities being over 7 000 tonnes of fruits and vegetables, over 4 000 tonnes consisting of seafood and 1 800 tonnes comprising of different types of flowers with the top export destinations being UAE, Spain and the UK.

Between January and the start of April, Emirates SkyCargo globally transported more than 90 000 tonnes of perishables, over 20 000 tonnes of pharmaceuticals and around 3 000 tonnes of protective supplies including face masks for combatting Covid-19.

The Emirates Group on Monday announced its 32nd consecutive year of profit, against a drop in revenue mainly attributed to reduced operations during the planned Dubai Airport runway closure in the first quarter, and the impact of flight and travel restrictions due to the Covid-19 pandemic in the fourth quarter.

According to its 2019-20 annual report, the Emirates Group posted a profit of US$ 456 million) for the financial year ended 31 March 2020, down 28% from last year.

The group's revenue reached US$ 28.3 billion, a decline of 5% over last year's results. The group's cash balance was US$ 7.0 billion, up 15% from last year, mainly due to a strong business performance up to February 2020 and lower fuel cost compared to the previous year.

Due to the unprecedented 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 US$ 136 million to the Investment Corporation of Dubai.

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