The group has recorded an annual loss of AED 22.1bn for the year financial year ended 31 March 2021, its first non-profitable year in over three decades.

The group’s revenue was AED 35.6bn, a decline of 66 per cent over last year’s results. The group’s cash balance was AED 19.8bn, down 23 per cent from last year mainly due to weak demand cause by the various pandemic related business and travel restrictions across all of the group’s core business divisions and markets.

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.”

He concluded: “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.”