Emirates sitting on cash pile to take advantage of aviation recovery

London (Quantum Commodity Intelligence) - State-owned Emirates Group, the owner of the airline Emirates, was propped up by the Dubai government with an equity injection of $3.1 billion last year, leaving it with a "solid cash balance of $5.4 billion" to take advantage of the recovery in the aviation market, it announced Tuesday.

Emirates made a huge loss of $5.5 billion over the year to March 31 amid the loss of international markets during the Covid pandemic.

The wider Emirates Group made a loss of $6 billion, and shrank its global workforce 31% to 75,145 employees.

But the group also invested $1.3 billion in "new aircraft and facilities, the acquisition of companies, and the latest technologies to position the business for recovery and future growth," it stated in its results.

"Economies and companies that entered pandemic times in a strong position, will be better placed to bounce back," said Chief Executive Sheikh Ahmed bin Saeed Al Maktoum.

Despite the majority of the A380 super-jumbo fleet being grounded, Emirates kept its order book for 200 aircraft "unchanged at this time."

From zero scheduled passenger flights at the start of the financial year, Emirates ramped up flights to over 120 destinations by 31 March 2021.