Emirates Group announces 2020-21 results – GulfToday

  • Date: 15-Jun-2021
  • Source: Gulf Today
  • Sector:Transport
  • Country:UAE
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Emirates Group announces 2020-21 results – GulfToday

Gulf Today, Staff Reporter The Emirates Group on Tuesday announced its first year of loss in over 30 years caused by a significant drop in revenue, fully attributed to the impact of COVID-19 related flight and travel restrictions throughout its entire financial year 2020-21. Released in its 2020-21 Annual Report, the Emirates Group posted a loss of Dhs22.1 billion (US$6.0 billion) for the financial year ended 31 March 2021 compared with a Dhs1.7 billion (US$ 456 million) profit for last year. The Group's revenue was Dhs35.6 billion (US$ 9.7 billion), a decline of 66% over last year's results. The Group's cash balance was Dhs19.8 billion (US$5.4 billion), down 23% from last year mainly due to weak demand caused by the various pandemic related business and travel restrictions across all of the Group's core business divisions and markets Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: "The COVID-19 pandemic continues to take a tremendous toll on human lives, communities, economies, and on the aviation and travel industry. 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.