Emirates Group reports most profitable year ever with profit of US$ 2.9 billion

The Emirates Group has released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses. Emirates achieved new record profits, a complete turnaround from its loss position last year. Both, Emirates and dnata (one of the world’s largest air services providers) 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 ended March 31, 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for the previous year. The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last year’s results. The Group’s cash balance was AED 42.5 billion (US$ 11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.  

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, commented:

 “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 customers. Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market. As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23. This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”

To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.

In 2022-23, the Group collectively invested AED 7.2 billion (US$ 2.0 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. The Group’s commitments include: a massive multi-billion-dollar aircraft cabin retrofit programme; an order for five new 777 freighters; the building of a new pilot training centre; the opening of Bustanica, the world’s largest vertical farm in Dubai under a partnership with CropOne; new training aircraft for its cadets at Emirates Flight Training Academy; dnata’s acquisition of 30% shares to gain full ownership of its ground handling operations in Brazil; and the building of a new advanced cargo facility in Erbil, Iraq. (£1.00 = US$1.25 / AED 4.60 at time of publication).