Emirates airline strikes record FY profit at $2.92bln

Emirates airline strikes record FY profit at $2.92bln

Emirates airline has announced a profit of 10.6 billion UAE dirhams ($2.92 billion) for the financial year 2022-2023, marking its most profitable year, after a loss of AED 3.9 billion in the previous year.

Revenue was up 81% at 107.4 billion UAE dirhams as the airline restored its global network and reinstated more passenger flights.

Emirates Group reported a revenue of AED 119.8 billion, increased by 81% due to strong customer demand worldwide with almost all travel restrictions removed.

Announcing the results, Emirates Group chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum described the financial performance as a record, and a remarkable achievement.

In the company’s annual report, he said: “This strong result has enabled us to repay AED 3.0 billion of debt taken during the COVID-19 crisis, declare a dividend of AED 4.5 billion, and commit AED 7.2 billion in our future by investing in new aircraft, facilities, equipment, technology, and people development.

“These investments will help ensure we have the best brands, products, services, and capabilities to win customer preference and retain our market leadership.”

Air services provider and baggage handler dnata, part of Emirates Group, saw its profit reaching AED 331 million for the year, up from AED 110 million YoY.

Dnata’s revenue