Emirates sees profitability in two years, flies now to more than 100 destinations | ZAWYA MENA Edition

Emirates sees profitability in two years, flies now to more than 100 destinations | ZAWYA MENA Edition

Dubai-based Emirates airline now flies to more than 100 destinations and expects to post profit in the next two years after it reported first loss in more than 30 years due to Covid-19.

While speaking to CNBC, Tim Clark, president of Emirates airline, projected that the carrier will return to profitability within the next 18 months or two years.

Emirates Group reported a 2020-21 half-year net loss of Dh14.1 billion while Emirates airline posted Dh12.6 billion loss. The group’s revenues plummeted 74 per cent to Dh13.7 billion while Emirates airline announced 75 per cent plunge in revenues to Dh11.7 billion.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, had said in the first-half report that no one can predict the recovery of the sector, but he expects a steep recovery in travel demand once a Covid-19 vaccine is available, and the airline is readying itself to serve that rebound.

Despite tough times, the airline enjoys strong cash position, holding Dh20.7 billion in cash as on September 30, 2020 as compared to Dh25.6 billion on March 31, 2020.