UAE’s Emirates reports record $2.9 billion in profit after two years of losses

UAE’s Emirates reports record $2.9 billion in profit after two years of losses

May 11, 2023









Emirates released its earnings for the prior fiscal year on Thursday, posting a profit for the first time in three years. Like other Gulf airlines, Emirates sustained major financial losses as a result of travel restrictions during the coronavirus pandemic.

Emirates reported an annual profit of $2.9 billion for the fiscal year 2022-23. This constitutes a record high for the Dubai-based airline. The profit was driven by an 81% increase in revenue attributed to “strong customer demand worldwide with almost all travel restrictions removed,” according to a press release.

The Emirates Group as a whole also reported a record $3 billion in profits. The group includes Emirates the airline as well as the airport services provider data, which reported a $90 million profit compared to last year’s $30 million.

Emirates’ fiscal year runs from April 1-March 31.

Why it matters: Emirates, like other Gulf carriers, experienced major losses as a result of the flight restrictions and downturn in global travel during the coronavirus pandemic. During the fiscal year beginning in 2020, Emirates reported a whopping $5.5 billion loss. In 2021, the airline posted another loss of $1.1 billion.

Emirates’ positive numbers come as air travel is increasing