Meed | Emirates Group reports record profits

Emirates Group reports record profits

12 May 2023

Dubai-based Emirates Group made record profits of AED10.9bn ($3bn) during the 2022-23 financial year.

The profits represent a significant turnaround for the group, which comprises Emirates airline and Dnata, after it reported a loss of AED3.8bn the previous year.

Revenues rose by 81 per cent to reach AED119.8bn, while its cash balance increased by 65 per cent to a record AED42.5bn.

The financial performance was driven by strong demand across the group's air transport and travel-related operations, following the lifting of nearly all Covid-19 pandemic-related restrictions.

The group expanded its operations and workforce by 20 per cent during the year to 102,379 employees. It also invested AED7.2bn in new aircraft, facilities, and technologies to position the business for future growth.

Emirates airline reported a total passenger and cargo capacity increase of 32 per cent in 2022-23, reinstating passenger services across its network as pandemic-related restrictions were lifted. By the end of March 2023, the Emirates network covered 150 destinations across six continents. Emirates also announced new partnerships with airlines, including United Airlines and Air Canada, significantly expanding its connectivity in the Americas.

The airline said it expects to remain profitable in 2023-24 despite potential challenges such as inflation, high fuel prices, and political and economic uncertainty.

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Colin Foreman