Emirates Group reports annual loss of $6 billion

Thursday, June 17, 2021

The Emirates Group recently announced its first annual loss in over 30 years. The carrier said the losses had been caused by a significant drop in revenue, fully attributed to the impact of COVID-19 and resulting travel restrictions.

The Emirates Group posted a loss of AED22 billion (US$6 billion) for the financial year ended March 31st, compared with an AED1.7 billion (US$456 million) profit for last year. Revenue was AED35.6 billion (US$9.7 billion), a decline of 66 per cent on the previous year.

For the first time in the history of the Dubai-based group, redundancies were implemented across all parts of the business. The total workforce was reduced by 31 per cent, to 75,145 employees. In 2020-21, the group, however, collectively invested AED4.7 billion (US$1.3 billion) in new aircraft and facilities and the acquisition of companies.

Emirates also received three new A380 aircraft during the financial year and phased out 14 older aircraft comprising of nine Boeing 777-300ERs and five A380s, leaving its total fleet count at 259 at the end of March. From zero scheduled passenger flights at the start of the financial year, the carrier is currently flying to over 120 destinations.

Ahmed bin Saeed Al Maktoum, Chief Executive, Emirates Airline Group, said that the Covid-19 pandemic continues to take a tremendous toll on human lives, communities, economies and on the aviation and travel industry. He mentioned that in 2020-21, Emirates and dnata were hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions.”

He also shared that no one knows when the pandemic will be over, but the recovery will certainly be patchy. He stated that economies and companies that entered pandemic times in a strong position will be better placed to bounce back.

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