UAE Business: Emirates H1 revenue up 81pc to $6.7bn; loss falls to $1.6bn – Gulf Digital News

UAE Business: Emirates H1 revenue up 81pc to $6.7bn; loss falls to $1.6bn – Gulf Digital News

Emirates Group has reported a revenue increase of 81% to AED24.7 billion ($6.7 billion) for the first half of its 2021-22 financial year, and a net loss of AED5.7 billion ($1.6 billion) compared to a loss of AED14.1 billion ($3.8 billion) during the same period last year. 

 

The strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their Covid-19 vaccination programmes, it said. 

 

It also reported an EBITDA of AED5.6 billion, a dramatic turnaround from a negative AED43 million EBITDA during the same period last year, illustrating its strong return to operating profitability.

 

The Group continued to maintain a healthy cash position which stood at AED18.8 billion on September 30, 2021 compared to AED19.8 billion as on March 31, 2021.

 

Emirates Airline and Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said: "As we began our 2021-22 financial year, Covid-19 vaccination programmes were being rolled out at unprecedented scale around the world. Across the Group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season.

 

"Our cargo transport