Emirates group reports record $3 bln annual profit

Dubai’s Emirates Group said on Thursday that the fiscal year 2022-23 has been its most profitable so far, with an annual profit of 10.9 billion dirhams ($3 billion), while the revenue hiked by 81 percent to $33 billion.

Emirates airline, which along with airport services business dnata makes up Emirates Group, made a $2.9 billion profit. The state-owned group posted an annual loss of $1.1 billion for 2021-22, following a $5.5 billion loss the year before.

The airline has made a full recovery since the pandemic, according to Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum.

“As the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly,” he said.

The company said that it filled 79.5 percent of seats on flights, up from 58.6 percent the year before. The airline are now flying to 150 destinations from more than 140 last year.

The company’s dnata made a $90 million profit, representing a 201% year-on-year increase.

The group also said that it dedicated $200 million for a research fund aiming to reduce the impact of fossil fuels in commercial aviation.

Emirates Group has also announced that invested $2 billion in new aircrafts, equipment, companies, facilities, and technology in 2022-23.

Sheikh Ahmed also said that the group expects to remain profitable in 2023-24, “while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty”.