Emirates Group posts US$ 3 Bn annual profit for 2022-2023
Emirates Group reporting their 2022-2023 results said they have made an annual profit of AED 10.9 billion (US$ 3 billion), a new profit and revenue record and a significant turnaround from last year.
Emirates made an AED 3.9 billion (US$ 1.1 billion) loss in the previous year.
The Group revenue of AED 119.8 billion (US$ 32.6 billion) is an increase of 81% with strong customer demand worldwide with almost all travel restrictions removed.
Emirates ended the year with the highest-ever cash balance of AED 42.5 billion (US$ 11.6 billion). The Airline capacity increased by 32% to 48.2 billion ATKMs, with two new 777 freighter aircraft added to its fleet.
dnata reports a profit of AED 331 million (US$ 90 million), a solid growth from its AED 110 million (US$ 30 million) profit last year. Both Emirates and dnata saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.
Chairman and Chief Executive, Emirates airline and Group, Sheikh Ahmedbin Saeed Al Maktoum, said: “We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result.”
“This achievement would not have been possible without Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, whose leadership has been critical to our success today and through the years. The architect of Dubai’s progressive economic policies, Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.” Commenting on the Group’s 2022-23 turnaround performance, Sheikh Ahmed said: “We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers.”
“Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market.” “As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23. This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”
To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.