Emirates Group announces record profits

WAM

The Emirates Group has reported its most profitable year ever, recording record revenue on the back of strong demand across its businesses.

According to their annual report for 2022-23, the Group posted a profit of AED 10.9 billion ($3.0 billion) and a significant turnaround from last year, while group revenue increased by 81 per cent to AED 119.8 billion, due to strong customer demand worldwide.

Both Emirates Airline 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.

The Group’s cash balance was AED 42.5 billion ($11.6 billion), the highest ever reported, up 65 per cent from last year mainly due to strong demand across its core business divisions and markets. 

The airline also reported its most profitable year ever at AED 10.6 billion ($2.9 billion) compared with AED 3.9 billion ($1.1 billion) loss in the previous year.

Revenue increased 81 per cent to AED 107.4 billion ($29.3 billion), as its global network was restored and more passenger flights were reinstated.

Emirates Airline's capacity increased by 32 per cent.

Commenting on the results, Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: "We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result.

"This achievement would not have been possible without His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and the Ruler of Dubai, whose leadership has been critical to our success today and through the years.

"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 97per cent 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 $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."

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.