Emirates Group unveils record $3 billion profit

Emirates Group unveils record $3 billion profit

DUBAI: Emirates Group announced a record $3 billion annual profit on Thursday, hailing a “full recovery” for the Dubai-based carrier after last year’s losses due to the pandemic. “We’re proud of our 2022-23 performance which is not only a full recovery but also a record result,” Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

The Emirates airline business alone banked $2.9 billion, another record, after returning a $1.1 billion loss in the previous financial year as passengers began to return to the skies. The Middle East’s biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in more than three decades, after grounding its fleet and making heavy lay-offs.

Emirates Group, which reported a $1.0 billion loss last year, ended 2022-2023 with its highest ever cash balance of $11.6 billion. The group declared a dividend of $1.2 billion to its owner, the Investment Corporation of Dubai sovereign wealth fund, and repaid $817 million of debt raised during the Covid crisis.

“We had anticipated the strong return of travel and, as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our