Despite last year's loss, UAE-based airline Emirates has recorded new record profits this year
UAE-based airline Emirates Group that recently published its 2022-23 Annual Report, has announced one of the most successful years ever, thanks to a robust demand across all its sectors. In a press statement, Emirates says that the group has recorded new record profits, a complete turnaround from its losses last year.
The airline says in the press statement says that for FY 2022-2023, the Emirates Group posted a record profit of USD 3.0 billion compared with an USD 1.0 billion loss for last year. The group’s revenue was USD 32.6 billion, an increase of 81 pc over last year’s results. The group’s cash balance was USD 11.6 billion, the highest ever reported, up 65 pc from last year mainly due to strong demand across its core business divisions and markets.
Sheikh Ahmed bin Saeed Al Maktoum
“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,” says Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.
The statement says that both Emirates and its ground handling and travel services wing, dnata, achieved revenue increases in 2022-23 as a result of expanded air transport and travel-related operations. Both have ramped up recruitment activity across the globe during the year in order to strengthen future capabilities and expand operations. Its total workforce registered a growth of 20 pc to 102,379 employees, representing over 160 different nationalities.
“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,” adds Sheikh Ahmed.
The statement says that in 2022-23, the group collectively invested USD 2.0 billion in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. The airline says that its commitments include a massive multi-billion dollar aircraft cabin retrofit programme, an order for 5 new 777 freighters, the building of a new pilot training centre, the opening of Bustanica, the world’s largest vertical farm in Dubai under a partnership with CropOne, new training aircraft for its cadets at Emirates Flight Training Academy, dnata’s acquisition of 30 pc shares to gain full ownership of its ground handling operations in Brazil and the building of a new advanced cargo facility in Erbil, Iraq.
It adds that the Emirates group also continued to focus on sustainability during the year. Notably, it signed up to the United Nations Global Compact, a voluntary initiative where Emirates and dnata will work towards making the UN Sustainable Development Goals (SDGs) and Principles part of their strategy, culture, and operations. The group signed the UAE Gender Balance Council’s pledge to increase female representation at mid-senior management positions to 30 pc across the country by 2025.
