April 23, 2024

Emirates Group posts first annual loss in 33 years

The Emirates Group has recorded its first year of loss in over 30 years due to the impact of Covid-19.

It posted a loss of US$6 billion for the financial year ended March 31 2021, compared with a profit of $456 million for the previous year. Revenue fell 66% to $9.7 billion.

The group was also forced to make redundancies for the first time, reducing its total workforce by 31% to 75,145 employees, representing 160 different nationalities.

His Highness 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.”

Sheikh Ahmed added: “No one knows when the pandemic will be over, but we know recovery will be patchy. Economies and companies that entered pandemic times in a strong position will be better placed to bounce back.

“In the year ahead, we will continue to adopt an agile approach in responding to the dynamic marketplace. We aim to recover to our full operating capacity as quickly as possible to serve our customers, and to continue contributing to the rebuilding of economies and communities impacted by the pandemic.”