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Emirates Group half-year revenue up 81% to US$ 6.7 bn

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Improves results in all business segments due to easing of C-19 travel restrictions

Group revenue was AED 24.7 billion (US$ 6.7 billion) for the first six months of 2021-22, up 81% from AED 13.7 billion (US$ 3.7 billion) during the same period last year. This strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their COVID-19 vaccination programmes.

The Group is reporting a 2021-22 half-year net loss of AED 5.7 billion (US$ 1.6 billion), substantially improved from its AED 14.1 billion (US$ 3.8 billion) loss for the same period last year.

The Group also reported an EBITDA of AED 5.6 billion (US$ 1.5 billion), a dramatic turnaround from a negative AED 43 million (US$ 12 million) EBITDA during the same period last year, illustrating its strong return to operating profitability.

Emirates Group half-year revenue up 81% to US$ 6.7 bn
Emirates Group Chairman Sheikh Ahmed

The Group continued to maintain a healthy cash position which stood at AED 18.8 billion (US$ 5.1 billion) on 30 September 2021, compared to AED 19.8 billion (US$ 5.4 billion) as on 31 March 2021.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “As we began our 2021-22 financial year, COVID-19 vaccination programmes were being rolled out at unprecedented scale around the world. Across the Group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond.

“Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services.”

The Emirates Group’s employee base, compared to 31 March 2021, dropped marginally by 2% to an overall count of 73,571 at 30 September 2021.

During the first six months of 2021-22, Emirates took delivery of 2 new A380s and retired 2 older aircraft from its fleet.

By 30 September, the airline was operating passenger and cargo services to 139 airports, utilising its entire Boeing 777 fleet and 37 A380s.

Emirates carried 6.1 million passengers between 1 April and 30 September 2021, up 319% from the same period last year. The volume of cargo uplifted at 1.1 million tonnes has increased by 39%, which brings the business back to 90% of pre-pandemic (2019) levels by volume handled.

In the first half of the 2021-22 financial year, Emirates loss was AED 5.8 billion (US$ 1.6 billion), compared to last year’s loss of AED 12.6 billion (US$ 3.4 billion). Emirates revenue, including other operating income, of AED 21.7 billion (US$ 5.9 billion) was up 86% compared with the AED 11.7 billion (US$ 3.2 billion) recorded during the same period last year. The strong revenue recovery reflects quick return of passenger demand wherever flight and travel restrictions were eased around the world.

Emirates operating costs increased by 22% against an overall capacity growth of 66%. Fuel costs more than doubled compared to the same period last year.

dnata’s businesses in cargo and ground handling, catering and retail, and travel services saw demand return quickly wherever pandemic-related flight and travel restrictions were eased.

dnata also continued to invest in critical infrastructure to deliver more efficient world class services to its customers.

dnata’s revenue, including other operating income, was AED 3.7 billion (US$ 1 billion), a 55% increase compared to AED 2.4 billion (US$ 644 million) last year.

Overall profit for dnata is AED 85 million (US$ 23 million), compared to last year’s loss of AED 1.5 billion (US$ 396 million).

dnata’s airport operations remains the largest contributor to revenue with AED 2.5 billion (US$ 688 million), a 52% increase as compared to the same period last year.

dnata’s flight catering and retail operation, contributed AED 766 million (US$ 209 million) to its revenue, up 80%.

 

Thursday, November 11, 2021 – 01:00











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