Emirates Group unveiled its results for the financial year ended 31 March 2023. The company said it was «its most profitable year ever» and reported a record profit of 3 billion dollars.
The figure is mainly explained by solid growth in global travel demand and the elimination of almost all mobility restrictions.
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Emirates’ most profitable year ever
«We are proud of our 2022-2023 performance which is not only a full recovery, but also a record result», commented Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and CEO.
«I am proud of the Emirates Group’s performance for 2022-2023, and 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», he added.
He also highlighted the company’s role in the United Arab Emirates airline market. In that regard, he said the company’s growth plans call for increasing its contribution to the country’s gross domestic product (currently around 47 billion dollars a year) significantly over the next decade.
«We go into 2023-2024 with a strong positive outlook and expect the Group to remain profitable», said Ahmed bin Saeed Al Maktoum regarding the new financial year. «We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty», he concluded.
Emirates Group’s key financial and operational results for the 2022-2023 period
- Record profit of 3 billion dollars. The figure also represents a substantial improvement compared to the previous year, when the company reported a loss of 1 billion.
- Revenues of 32.6 billion dollars, a year-on-year increase of 81%.
- The company’s cash balance reached 11.6 billion, the highest on record, up 65% year-on-year, driven by strong demand in its core business divisions and markets.
- The airline’s capacity grew by 32%.
- In the 2022-2023 period, the airline invested 2 billion dollars in new aircraft and refurbishment of facilities and equipment, as well as technological innovations, to prepare the business for the near future.
- Emirates Group’s workforce increased by 20%: it now employs 102.379 people of more than 160 different nationalities.
- The company repaid 817 million dollars of debt it had incurred during the pandemic, some of it before it matured.
- As of 31 March 2023, the Emirates Group fleet comprised a total of 260 aircraft and had an average age of 9.1 years.
