PHOTO
Emirates airline has announced a profit of 10.6 billion UAE dirhams ($2.92 billion) for the financial year 2022-2023, marking its most profitable year, after a loss of AED 3.9 billion in the previous year.
Revenue was up 81% at 107.4 billion UAE dirhams as the airline restored its global network and reinstated more passenger flights.
Emirates Group reported a revenue of AED 119.8 billion, increased by 81% due to strong customer demand worldwide with almost all travel restrictions removed.
Announcing the results, Emirates Group chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum described the financial performance as a record, and a remarkable achievement.
In the company’s annual report, he said: “This strong result has enabled us to repay AED 3.0 billion of debt taken during the COVID-19 crisis, declare a dividend of AED 4.5 billion, and commit AED 7.2 billion in our future by investing in new aircraft, facilities, equipment, technology, and people development.
“These investments will help ensure we have the best brands, products, services, and capabilities to win customer preference and retain our market leadership.”
Air services provider and baggage handler dnata, part of Emirates Group, saw its profit reaching AED 331 million for the year, up from AED 110 million YoY.
Dnata’s revenue was up 74% at AED 14.9 billion.
The group had a cash balance of AED 42.5 billion for the year, the results showed. It also hired 17,160 new employees taking its workforce to 102,379 by 31 March.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “We go into 2023-24 with a strong positive outlook and expect the Group to remain profitable. We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty.”
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
