Air, Business, Freight News

Emirates Group announces 2022-23 financial results; huge jump in profits

[ June 6, 2023   //   ]

The Emirates Group has released its 2022-2023 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.

Emirates achieved new record profits, a complete turnaround from its negative position last year.
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 ended 31 March 2023, the Emirates Group posted a record profit of US$ 3.0 billion compared with a US$ 1.0 billion loss for last year. The Group’s revenue was US$ 32.6 billion, an increase of 81% over last year’s results. The Group’s cash balance was US$ 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 HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group. “I’m proud of the Emirates Group’s performance for 2022-23, 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. 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 US$ 47 billion (AED 172.5 billion). With our growth plans, and in line with the Dubai Economic Agenda D33, we expect to significantly increase our contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spend, and trade and commerce benefits from the movement of cargo.”
Commenting on the Group’s 2022-23 turnaround performance, Sheikh Ahmed said: “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 favorably 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.”
To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.
In 2022-23, the Group collectively invested US$ 2.0 billion in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. Its commitments include: a massive multi-billion dollar aircraft cabin retrofit program; an order for 5 new 777 freighters; the building of a new pilot training center; 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% shares to gain full ownership of its ground handling operations in Brazil; and the building of a new advanced cargo facility in Erbil, Iraq.