Emirates Group posts record half-year net profit

Emirates Group reported a record half-year net profit of AED 4.2 billion (US$ 1.2 billion).

It represents a turnaround of almost AED 10 billion from its AED 5.7 billion (US$ 1.6 billion) loss for the same period last year.

Group revenue was AED 56.3 billion (US$ 15.3 billion) for the first six months of 2022-23, up 128% from last year.

This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related restrictions.

It closed the first half year of 2022-23 with a healthy cash position of AED 32.6 billion (US$ 8.9 billion) on 30 September 2022.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The  record performance for the first six months of 2022-23 is the result of forward planning, agile business response, and the efforts of our talented workforce.”

Emirates continued to focus on restoring its global passenger network through its Dubai hub, adding flights to meet customer demand.

Expanding connectivity options for customers, Emirates launched codeshare and interline agreements with 12 airlines in the first six months of 2022-23: Airlink, AEGEAN, ITA Airways, Air Baltic, Air Canada, Bamboo Airways, Batik Air, Finnair, Royal Air Maroc, Sky Express, Sun Country Airlines, and United Airlines.

As of 30 September, the airline was operating passenger and cargo services to 140 airports, utilising its entire Boeing 777 fleet and 73 A380s.

Emirates carried 20 million passengers between 1 April and 30 September 2022with an average loading of 78.5%.

The dnata businesses in cargo and ground handling, catering and retail, and travel services saw a significant uptick in operations.

This drove strong revenue growth in the first six months of 2022-23, however dnata’s overall performance was dampened by inflation and increased costs.

It contributed a profit of AED 236 million.

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