Emirates Group Reports Record Annual Profit of $3B after Prior Devastations of Covid-19 Restrictions
The Emirates Group has announced its expansion into global freight to various destinations including Tanzania, Germany, Canada and Brazil.
The Emirates Group, a Dubai-based state-owned international airline holding company, released its financial results for 2022-2023. According to the announcement, Emirates Airlines achieved record annual profits of 10.9 billion dirhams, or nearly $3 billion. The airline services company impressed in the 2022-2023 financial year, after recording a significant drop in operations over the previous year due to restrictions related to Covid-19.
Emirates Airlines and its benchmark results
The Emirates Group announced that its annual revenues grew by around 81% to reach AED 119.8 billion, or approximately $32.6 billion. As a result, the Emirates Group ended the fiscal year with the highest ever cash balance of AED 42.5 billion or approximately $11.6 billion.
In this regard, the Emirates Group has since announced a dividend of AED 4.5 billion, or about $1.2 billion, to its owner, the Investment Corporation of Dubai (ICD). The airline has attributed its success to the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airlines and Group.
“The Group is the largest player in the aviation sector in the UAE, supporting more than 770,000 jobs and generating an estimated contribution to GDP of over US$47 billion (AED 172.5 billion),” the CEO of the Emirates Group noted.
As a state-owned enterprise, the Emirates Group has enjoyed massive debt support to sustain its huge fleet and staff through the Covid pandemic.
“Our continuous investments in our brand, products and services have helped increase customer preference and position us well in the market,” Sheikh Ahmed male.
Emirates Group Market Outlook
The Emirates Group continued to restructure its airline operations to attract more passengers and freight. For the fiscal year ending March 31, 2023, The Emirates Group announced its expansion into global freight to various destinations including Tanzania, Germany, Canada and Brazil. As a result, the group expects to report better results for the next fiscal year as all Covid-19 restrictions have already been removed.
“We go into 2023-24 with a strong positive outlook and expect the group to remain profitable. Sheikh Ahmed added, “We will work hard to achieve our goals while closely monitoring inflation, rising fuel prices, and political and economic uncertainty.”
After increasing business operations, the group announced an increase in its total workforce by 20% to reach 102,379 employees of different nationalities. The Emirates Group also plans to continue its professional hiring spree as it plans to add billions of dollars more aircraft.
According to the announcement, the Dubai-based airline has taken delivery of two new 777s and plans to add five additional Boeing 777-300ERs. Moreover, the airline announced that it carried 43.6 million passengers during the fiscal year 2022-2023, which is an increase of 123 percent.
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