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[Update] Emirates Group closes 2019-2020 financial year with profits

$456 million in profits for the year ended March 31, 2020. The closure of a runway at Dubai airport (the airline's hub) in the first quarter and of course the flight restrictions following the Covid 19 pandemic are nevertheless impacting revenues downwards. Updated on June 2, 2020.

Emirates‘President Tim Clark said it could take the state carrier up to four years to resume flying to its entire network.

"I think probably by the year 2022/23, 2023/24 we will see things coming back to some degree of normality and Emirates will be operating its network as it was and hopefully as successfully as it was," Tim Clark said in a webcast interview with aviation consultant John Strickland.

Tim Clark also warned that physical distancing on planes was not economically and environmentally practical because it would mean flying aircraft half empty. Emirates will for now continue to ask passengers to wear gloves and face masks onboard.

This is the 32nd profitable year claimed by the group, profits are however down 28% on the previous year. Annual revenues reached $28.8 billion (AED104 billion), also down 5%. Playing prudent in the current highly uncertain global environment, the group will not pay dividends in order to preserve its cashflow as much as possible.

Introducing the group's annual report, the Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Ahmed bin Saeed Al Maktoum said : "Globally, travel and aviation are amongst the most impacted industries as countries close borders, suspend flights, and impose stringent travel restrictions as part of their pandemic containment measures."

Orders for 80 aircraft placed with Boeing in November 2019 are being maintained by the airline, which is committed to offering optimum comfort on its routes, meeting its current standards with the latest generation of aircraft.

In addition, the airline had announced the introduction of a Corona Virus test for its passengers on departure from Dubai in mid-April. It maintains a proactive stance which, to date, with the support of the shareholder government, has enabled it to maintain a dynamic of growth and profits.

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