Emirates Group Reports Record Profits for 2022-23, Demonstrating Strong Recovery and Growth
The Emirates Group has unveiled its Annual Report for 2022-23, marking its most profitable year to date. Benefiting from robust demand across its diverse portfolio, the Group achieved record-breaking profits, a complete turnaround from the previous year’s loss.
Emirates, as well as dnata, experienced substantial revenue growth during the financial year, capitalizing on the easing of pandemic-related restrictions worldwide. Expanding their air transport and travel-related operations, both entities witnessed significant increases in revenue.
For the year ending on March 31, 2023, the Emirates Group reported a record profit of AED 10.9 billion (US$ 3.0 billion), in stark contrast to the AED 3.8 billion (US$ 1.0 billion) loss incurred the previous year. The Group’s revenue soared to AED 119.8 billion (US$ 32.6 billion), an impressive 81% surge compared to the previous year. Notably, the Group’s cash balance reached an all-time high of AED 42.5 billion (US$ 11.6 billion), representing a 65% increase from the previous year, largely attributed to strong demand across its core business divisions and markets.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, expressed his pride in the exceptional performance of the Emirates Group for 2022-23. He credited HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, for his indispensable leadership and visionary economic policies that have fueled the Group’s success. Sheikh Ahmed emphasized that without HH Sheikh Mohammed’s unwavering support, Emirates would not have achieved its current stature.
Furthermore, Sheikh Ahmed highlighted the Emirates Group’s pivotal role in reviving the air transport and tourism sectors in the markets it serves, contributing to Dubai’s remarkable 97% year-on-year growth in international visitors for 2022. As the largest player in the UAE’s aviation industry, the Group sustains over 770,000 jobs and generates an estimated GDP contribution of more than US$ 47 billion (AED 172.5 billion). Aligned with the Dubai Economic Agenda D33, the Group’s growth plans aim to significantly enhance its contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism expenditure, and the economic benefits derived from cargo movement.
