Emirates Group Record half-year profit of US$ 1.2 Bn. recovers previous losses
The Emirates Group announced its half-year results for its 2022-23 financial year reporting a 2022-23 half-year net profit of US$ 1.2 billion, a record half-year performance, and a turnaround of almost AED 10 billion from its US$ 1.6 billion loss for the same period last year.
The Group also reported an EBITDA of US$ 4.2 billion, a marked improvement from US$ 1.5 billion during the same period last year, illustrating its strong operating profitability.
Group revenue was US$ 15.3 billion for the first six months of 2022-23, up 128% from AED 24.7 billion (US$ 6.7 billion last year. This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.
The Group closed the first half year of 2022-23 with a strong cash position of US$ 8.9 billion on 30 September 2022, compared to US$ 7.0 billion, as on 31 March 2022. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.
Chairman and Chief Executive, Emirates Airline and Group Sheikh Ahmed bin Saeed Al Maktoum, said: “The Group’s record performance for the first six months of 2022-23 is the result of forward planning, agile business response, and the efforts of our talented and committed workforce.
“Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions.
We were ready and amongst the first movers to serve the strong customer demand thanks to our robust business plans, the support of our industry partners, and our ongoing investments in people, technology, and products and services.
“For the coming months, we remain focussed on restoring our operations to pre-pandemic levels and recruiting the right skills for our current and future requirements. We expect customer demand across our business divisions to remain strong in H2 2022-23.”
Emirates carried 20.0 million passengers between 1 April and 30 September 2022, up 228% from the same period last year. Emirates Skycargo uplifted 936,000 tonnes in the first six months of the year, a 14% decrease compared to the same period last year.