Dubai: Emirates Group announces highest-ever profit at Dh10.9 billion

Dubai: Emirates Group announces highest-ever profit at Dh10.9 billion

Company revenue of Dh119.8 billion increased by 81% with strong customer demand worldwide post-pandemic

Published: Thu 11 May 2023, 12:15 PM Last updated: Thu 11 May 2023, 12:57 PM

Emirates Group has reported its most profitable year ever with a record annual profit of Dh10.9 billion ($3.0 billion). This is a significant turnaround since its loss-making position last year. Releasing its 2022-23 annual report, the company saw huge growth in almost every sector.

The group revenue of Dh119.8 billion ($32.6 billion) increased by 81% with strong customer demand worldwide with almost all travel restrictions removed.

Both Emirates and dnata saw significant revenue increases in 2022-23 as the group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year that ended 31 March 2023, the Emirates Group posted a record profit of Dh10.9 billion ($3.0 billion) compared with an Dh3.8 billion ($1.0 billion) loss for last year. The Group’s cash balance was Dh42.5 billion ($11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.

"We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result,”