Emirates Group Cuts Annual Losses, Expects Profitability by 2023

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Middle East

Emirates Group Cuts Annual Losses, Expects Profitability by 2023

The Emirates Group released on Friday its 2021-22 annual report, which showed strong recovery across its businesses.

Emirates airline announced a “significantly reduced” annual loss of AED3.8 billion ($1.1 billion) compared to AED22.1 billion ($6 billion) in 2021, as pandemic travel restrictions ease.

It said revenues were up 86% to AED66.2 billion ($18.1 billion).

The airline, which only operates international services, reported a 91% jump in revenue to $16.1 billion for the year ended March 31 as passenger numbers tripled to $19.6 million.

The report indicated an improved and strong cash balance of AED25.8 billion ($7 billion).

The increase in the roll out of vaccines globally, lifting of lockdowns and reduction in the severity of the virus, international travel restrictions eased and customer demand picked up, the report noted.

The Group's global airport and travel services business data made an AED110 million ($30 million) profit, a solid turnaround from its AED1.8 billion ($496 million) loss in the previous year.

Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said the Group’s 2021-22 financial results show a significant turnaround after the toughest year in its history.

“We restored our operations quickly and safely wherever pandemic-related restrictions eased across our markets,” Sheikh Ahmed tweeted.

“Business recovery picked up pace