Emirates Group reports Dh10b turnaround

Emirates Group reports Dh10b turnaround

Emirates airline’s profit for the first half of 2022-23 hit a new record of Dh4.0 billion, compared to last year’s loss of Dh5.8 billion as it continued to focus on restoring its global passenger network and connections through its Dubai hub

Emirates launched codeshare and interline agreements with 12 airlines in the first six months of 2022-23.

Published: Thu 10 Nov 2022, 4:27 PM Last updated: Thu 10 Nov 2022, 4:28 PM

The Emirates Group reported on Thursday record half-year net profit of Dh4.2 billion for 2022-23 financial year, reflecting a strong turnaround of almost Dh10 billion and recovery after last year’s loss of Dh5.7 billion.

The group, which comprises Emirates airline and dnata, posted a 128 per cent jump in revenue to Dh56.3 billion, driven by strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions. The group’s earnings before tax, depreciation and amortisation (Ebitda) surged to Dh15.3 billion, a marked improvement from Dh5.6 billion during the same 2021-22 period, underscoring its strong operating profitability.

With a strong cash position of Dh32.6 billion on September 30, 2022, compared to Dh25.8 billion as on March 31, 2022, the group has been able to tap on its own