Emirates Group Unveils its Financial Results for 2022-23

Business World

The Emirates Group released its 2022-23 Annual Report, announcing that it had achieved record profits and the most successful year in its history. Both Emirates and dnata saw significant revenue increases as the Group expanded its air transport and travel-related operations following the removal of most pandemic-related restrictions worldwide. The report stated that the Group had a record profit of AED 10.9 billion ($3.0 billion) compared to a loss of AED 3.8 billion ($1.0 billion) in the previous year. The Group’s cash balance reached AED 42.5 billion ($11.6 billion), the highest ever reported.

Emirates Chairman and CEO, HH Sheikh Ahmed bin Saeed Al Maktoum, attributed the Group’s success to HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and his leadership. The Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.

Emirates’ total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs, and it relaunched flights to six destinations while expanding operations to 62 cities across its network. By 31 March 2023, the Emirates network comprised 150 destinations across six continents. Emirates also added new codeshare partners and signed agreements with new codeshare partners, including United Airlines and Air Canada. Emirates received two new 777 freighter aircraft during the financial year, while phasing out four older aircraft. Its total fleet count at the end of March was 260 units, with an average fleet age of 9.1 years.

With significantly enhanced capacity deployment across most markets, Emirates’ total revenue for the financial year increased 81% to AED 107.4 billion ($29.3 billion). The airline’s fuel bill increased by 143% to AED 33.7 billion ($9.2 billion).

The full 2022-23 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available at: www.theemiratesgroup.com/annualreport

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