Emirates Group Announces Highest-Ever Profit At Dh10.9 Billion

Emirates Group has reported its most profitable year ever with a record annual profit of Dh10.9 billion ($3.0 billion). This is a significant turnaround since its loss-making position last year. Releasing its 2022-23 annual report, the company saw huge growth in almost every sector.

The group revenue of Dh119.8 billion ($32.6 billion) increased by 81% with strong customer demand worldwide with almost all travel restrictions removed.

Both Emirates and dnata saw significant revenue increases in 2022-23 as the group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year that ended 31 March 2023, the Emirates Group posted a record profit of Dh10.9 billion ($3.0 billion) compared with an Dh3.8 billion ($1.0 billion) loss for last year. The Group’s cash balance was Dh42.5 billion ($11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.

“We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group. “I’m proud of our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97% year-on-year growth in international visitors for 2022. The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over Dh172.5 billion ($47 billion).”

Sheikh Ahmed credited His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai for the group’s success and said the achievement would not have been possible without his leadership. “The architect of Dubai’s progressive economic policies, HH Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory,” he said. “Without his drive and support, Emirates will be half the size of what we are today.”

With these figures, the company repaid Dh3 billion ($817 million) more of the total Dh17.5 billion (US$ 4.8 billion) of debt raised during Covid-19 crisis, partly ahead of maturity. This continues to strengthen the confidence of its financing partners in its business model and allowed Emirates to reprice Dh4.5 billion ($1.2 billion) of debt during this financial year and further raise Dh1.2 billion to finance the acquisition of two new B777 freighter aircraft through an Islamic finance lease at highly effective margins.