Emirates Group has reported a record half year 2022/23 profit of $1.2 billion on a year-over-year increase in revenue of 128 percent to $15.3 billion. At September 30, 2022, the Group had a cash position totaling $8.9 billion.
On Thursday (November 10, 2022), Emirates Group reported their half-year (H1) financial results for FY 2022-23 for the period ending September 30, 2022. The Group reported a record H1 profit of AED 4.2 billion (US $1.2 billion) compared to a loss of AED 5.7 billion (US $1.6 billion) during the same period last year. Emirates Group’s first half FY 2022-23 revenue increased year-over-year by 128 percent to AED 56.3 billion (U.S. $15.3 billion), compared to AED 24.7 billion (US $6.7 billion) last year. At September 30, 2022, the Group’s cash position totaled AED 32.6 billion (US $8.9 billion), up from AED 25.8 billion (US $7.0 billion) at March 31, 2022.
In Thursday’s announcement, Emirates Airline and Group’s Chairman and Chief Executive Officer, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said,
“The Group’s 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 and committed workforce. Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions. We were ready and amongst the first movers to serve the strong customer demand thanks to our robust business plans, the support of our industry partners, and our ongoing investments in people, technology, and products and services.
“For the coming months, we remain focused on restoring our operations to pre-pandemic levels and recruiting the right skills for our current and future requirements. We expect customer demand across our business divisions to remain strong in H2 2022-23. However, the horizon is not without headwinds, and we are keeping a close watch on inflationary costs and other macro-challenges such as the strong US dollar and the fiscal policies of major markets. The Group expects to return to our track record of profitability at the close of our full financial year.”
During the first half of the financial year, Emirates Airline continued restoring their global network via Dubai, including the launch of new service to Tel Aviv in June. The carrier also launched codeshare and interline agreements with 12 airlines including 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 September 30, 2022, Emirates was operating passenger and cargo services to 140 airports, using their entire fleet of Boeing 777s and 73 Airbus A380s.
Emirates also took delivery of two new Boeing 777 Freighters during the period and returned one older freighter. Since additional new passenger aircraft aren’t expected to join the carrier’s fleet until 2024, the carrier also began their multi-billion dollar program to retrofit 120 aircraft this month, featuring the latest cabin interiors and products.
Emirates is an award-winning global airline, serving 140 destinations on six continents via Dubai. The carrier operates the largest fleet of Airbus A380s and Boeing 777s, which feature the latest comforts in the sky. Guests traveling with Emirates enjoy an unrivalled onboard experience with regionally inspired multi-course menus developed by a team of award-winning chefs, complemented by a wide selection of premium beverages. Customers can also enjoy over 5,000 channels of carefully curated global entertainment, featuring Arabic movies, TV shows, music, podcasts and more with ice, the airline’s award winning IFE system. Emirates has been named ‘World Class Airline’ at The APEX Official Airline Ratings™, and has also been rated a Five Star Airline by APEX.
Source: Emirates