Emirates loses more than $5 billion in 2020
The Dubai-based airline's financial struggles amid the coronavirus pandemic has led to job cuts and a massive cash injection from the government.
Ashraf Shazly/AFP via Getty Images
Al-Monitor Staff
TOPICS COVERED
Coronavirus
Economy and trade
Tourism
June 15, 2021
Emirates reported massive revenue losses for 2020 on Tuesday.
The Dubai-based airline recorded an annual loss of $5.5 billion. The revenue in 2020 fell 66% to $8.4 billion from more than $25 billion in 2019. The year before, Emirates turned a profit of $288 million, according to a press release.
The airline attributed its financial woes to the coronavirus-related restrictions, including the temporary closure of passenger flights in and out of the United Arab Emirates and reduced demand for global air travel. Emirates’ total passenger and cargo capacity declined by 58% in 2020, according to the release. The carrier also cut jobs in 2020.
Emirates had already reported massive revenue losses for the first half of 2020. The government of Dubai, which owns Emirates, gave the airline $2 billion last year to help it stay afloat. On Tuesday, Emirates said it has received $3.1 billion in capital from Dubai.
Last year was the first nonprofitable year for Emirates Group, which includes the airline, in more than 33 years, according to the release.
Emirates could bounce back in 2021, and the airline has largely rebuilt its flight network. Earlier this month, Emirates launched a new service to Miami.
MORE FROM AL-MONITOR STAFF
Raisi pledges to save Iran from sanctions, restore public trust
Al-Monitor Staff | Iran | Aug 3, 2021
Iran's outgoing health minister asks for military-enforced lockdown 
Al-Monitor Staff | Iran | Aug 2, 2021
Top Sunni cleric laments Iran's discrimination against minorities
Al-Monitor Staff | Iran | Jul 30, 2021
POPULAR ARTICLES
4,000-year-old city discovered in Iraq
Adnan Abu Zeed | Iraq | Jul 9, 2021
Saudi Arabia’s race for Gulf economic leadership takes to the sky
Sebastian Castelier | Gulf | Jul 13, 2021
Ancient fossilized fish found in Egypt that survived in hot waters
Alaa Omran | Culture | Jun 16, 2021
Will Turkey use Syrian mercenaries in Kabul?
Fehim Tastekin | Turkey | Jul 12, 2021
Has Israel’s army become too small?
Ben Caspit | Israel | Jul 13, 2021
RECOMMENDED ARTICLES
Blinken vows ‘collective response’ for ship attack blamed on Iran
Al-Monitor Staff | Iran | Aug 2, 2021
Saudi Aramco denies rumors it will produce bitcoins
Al-Monitor Staff | Gulf Pulse | Aug 2, 2021
Qatari and Italian athletes praised for sharing gold medal at Olympics
Al-Monitor Staff | News Brief | Aug 2, 2021
Israeli gold medalist Artem Dolgopyat can't get married in own country
Adam Lucente | News Brief | Aug 2, 2021
RECENT PODCASTS
Saudis see agreement with US on 90% of issues in region, says Stephen Kalin 
Meretz legislator Gaby Lasky: Israel's ruling coalition divided ideologically, but united on bettering citizens’ lives 
Nile Dam talks may be ‘in a lot of trouble,’ says Samuel Ramani
NSO officials comment on Pegasus spyware affair: We are self-regulated on right for privacy, transparency  
Ali Hashem on what to expect from Ebrahim Raisi and the rise of the Hezbollahis in Iran
NEWSLETTERS
Subscribe
© 2021 Al-Monitor, LLC. All rights reserved.