The Emirates Group comprising Emirates airline, dnata and other subsidiaries today, May 11, 2023 released its Annual Report 2022-23, ending on March 31, 2023, reporting its most profitable year. Emirates Group achieved new record profits, a complete turnaround from its loss position last year.
In 2022-23, Emirates airline substantially improved its financial results and reported a record profit of US$ 2.9 billion after last year’s US$ 1.1 billion loss. Airline’s total revenue for the financial year increased 81% to US$ 29.3 billion.
Emirates airline’s total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs. The airline carried 43.6 million passengers (up 123%) in 2022-23, with seat capacity up by 78%. The airline reports a Passenger Seat Factor of 79.5%, compared with last year’s passenger seat factor of 58.6%. Emirates SkyCargo, cargo division of Emirates airline reported solid revenue of US$ 4.7 billion. This was a 21% decline over last year’s exceptional performance caused by the pandemic.
Emirates closed the financial year with an exceptional level of cash assets of US$ 10.2 billion, 79% higher compared to 31 March 2022.
On the other hand the Emirates Group posted a record profit of US$ 3.0 billion compared with a US$ 1.0 billion loss for last year. The Group’s revenue was US$ 32.6 billion, an increase of 81% over last year’s results. The Group’s cash balance was 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.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “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.”
“We go into 2023-24 with a strong positive outlook and expect the Group to remain profitable. We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty.”
Another subsidiary dnata increased its profit by 201% to US$ 90 million. With growing flight and travel activity across the world, dnata’s total revenue increased by 74% to US$ 4.1 billion. dnata’s international businesses account for 72% of its revenue. dnata’s cash balance improved to US$ 1.4 billion.
At the end of the year the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.
Emirates has safely restarted operations to more than 130 destinations, across six continents and currently operates 21 flights per week from the Dhaka to Dubai.
