Emirates Group rakes in $3bn annual profit, records 81% post-covid revenue increase
Emirates Group, Dubai’s biggest carrier, has reported a record $3 billion annual profit for the 2022-2023 financial year, having lost over $6 billion to COVID-19 travel restrictions.
The airline disclosed to Reuters on Thursday May 11 that the 2022-23 financial year had been its most profitable so far, reporting an annual profit of 10.9 billion dirhams ($3 billion) and a group revenue increase of 81 per cent to $33 billion.
According to the airline, it made over $2.9 billion profit along with its airport services business subsidiary – dnata – as a group.
The group’s global airport and travel services business dnata made a $90 million profit, representing a 201 per cent year-on-year increase.
The state-owned carrier had posted an annual loss of $1.1 billion for 2021-22, following a $5.5 billion loss the year before that.
The Chairman and Chief Executive Officer of Emirates, Sheikh Ahmed bin Saeed Al Maktoum said the airline had made a “full recovery” since the hit to demand caused by the pandemic,
“As the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly,” he said.
Al Maktoum disclosed further that the airline filled 79.5 per cent of seats flown, up from 58.6 per cent a year earlier, and was now flying to 150 destinations from more than 140 last year.
Emirates Group said the reported profit is the result of its investment and hardwork, having invested a whooping $2 billion to purchase 200 new aircraft, upgrade facilities, acquire more equipment, add a chain of companies, among other investments in the 2022-23 operational year.
Al Maktoum noted that the group expects to remain profitable in 2023-24 even in the face of inflation, high fuel prices, political unrest and other economic uncertainties.
Apart from making huge investments to boost its business, Emirates is also committed to reducing the impact of fossil fuels in commercial aviation, having contributed $200 million to a research fund.
