Emirates Group Achieves Record Annual Profit of $3 Billion
- Publish date: Thursday، 11 May 2023
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Emirates, the leading long-haul airline globally, achieved a historic annual profit due to strong travel demand resulting from the reopening of international borders and the easing of pandemic-related restrictions by governments.
Emirates announced on Thursday that it recorded a profit of Dh10.6 billion ($2.9 billion) for the fiscal year ending on March 31. This marks a significant turnaround from the previous year when the airline incurred a loss of Dh3.9 billion.
Emirates increased by 81% increase in revenue, reaching Dh107.4 billion. This can be attributed to the airline's efforts to restore its global network, reinstate a greater number of passenger flights, and more than double the number of passengers carried. The revenue growth was facilitated by the lifting of Covid-19 travel restrictions.
According to Emirates, the airline witnessed a remarkable 123 percent increase in passenger numbers, carrying a total of 43.6 million passengers. This figure represents a significant difference compared to the previous year.
“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,” Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group, said.
“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.”