UAE Business: Emirates sees strong recovery; loss down to $1bn – Gulf Digital News

  • Date: 13-May-2022
  • Source: Gulf Digital…
  • Sector: Economy
  • Country: UAE
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UAE Business: Emirates sees strong recovery; loss down to $1bn – Gulf Digital News

Dubai-based Emirates Group recorded an annual loss of AED3.8 billion ($1 billion) for the 2021-22 financial year due to the ongoing Covid-19 pandemic impact, a significant improvement from last year with dnata returning to profitability.

The group had posted a loss of AED22.1 billion ($6 billion) in the previous year.

The 2021-22 Annual Report (for the year ending March 31, 2022) showed strong recovery across its businesses with dnata returning to profitability, and significant revenue improvements across both Emirates and dnata as the group rebuilt its air transport and travel-related operations which were previously cut-back or curtailed by the Covid-19 pandemic.

The group’s revenue was AED66.2 billion ($18.1 billion), an increase of 86% over last year’s results. The group’s cash balance was AED25.8 billion ($7 billion), up 30% from last year mainly due to strong demand across its core business divisions and markets, triggered by the easing of pandemic-related restrictions.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: "This year, we focussed on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets. Business recovery picked up pace particularly in the second half of the year. Robust customer demand drove a huge improvement in

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