Dubai: The Emirates Group has announced an exceptional year of profits, recording a historic annual profit of Dh10.9 billion ($3.0 billion). This is a remarkable improvement from their loss-making position in the previous year. The company’s 2022-23 annual report revealed substantial growth in nearly every sector.
The company’s total revenue of Dh119.8 billion ($32.6 billion) rose by 81% due to high customer demand across the globe, as travel restrictions were lifted in most places.
Emirates and Dnata experienced a noteworthy rise in revenue during 2022-23 due to their expansion in air transport and travel-related operations. This expansion was possible following the lifting of most pandemic-related restrictions worldwide.
The Chairman and Chief Executive of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, expressed pride in their 2022-23 performance, citing it as a full recovery and record-breaking result.
He also acknowledged the company’s contribution to the restoration of air transport and tourism in the markets they serve, including Dubai’s impressive 97% year-on-year growth in international visitors for 2022. As the most significant player in the UAE’s aviation sector, the Group supports over 770,000 jobs and generates an estimated contribution to GDP of over Dh172.5 billion ($47 billion).
Sheikh Ahmed acknowledged that the success of the Group was credited to Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE & Ruler of Dubai.
He stated that the achievement would not have been possible without his leadership. Sheikh Mohammed is known for being the architect of Dubai’s progressive economic policies and the driving force behind the Emirates Group’s trajectory. Sheikh Ahmed emphasized that without his drive and support, Emirates would only be half of its current size.
The company has paid back Dh3 billion ($817 million) of the Dh17.5 billion (US$4.8 billion) in debt it raised during the Covid-19 crisis. This payment was made before the maturity date, which has increased the confidence of the company’s financing partners in its business model.
As a result, Emirates has been able to reprice Dh4.5 billion ($1.2 billion) of debt during this financial year and raise an additional Dh1.2 billion to finance the acquisition of two new B777 freighter aircraft through an Islamic finance lease with highly effective margins.