Emirates Group announces record half-year performance

The Emirates Group today announced its half-year results for its 2022-23 financial year.

The Group is reporting a 2022-23 half-year net profit of AED 4.2 billion (US$ 1.2 billion), a record half-year performance, and a turnaround of almost AED 10 billion from its AED 5.7 billion (US$ 1.6 billion) loss for the same period last year.

The Group also reported an EBITDA of AED 15.3 billion (US$ 4.2 billion), a marked improvement from AED 5.6 billion (US$ 1.5 billion) during the same period last year, illustrating its strong operating profitability.

Group revenue was AED 56.3 billion (US$ 15.3 billion) for the first six months of 2022-23, up 128% from AED 24.7 billion (US$ 6.7 billion) last year. This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.

The Group closed the first half year of 2022-23 with a strong cash position of AED 32.6 billion (US$ 8.9 billion) on 30 September 2022, compared to AED 25.8 billion (US$ 7.0 billion), as on 31 March 2022. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group 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 focussed 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.”

Sheikh Ahmed added: “The Group expects to return to our track record of profitability at the close of our full financial year.”

In line with increased capacity and business activities, the Emirates Group’s employee base, compared to 31 March 2022, grew 10% to an overall count of 93,893 at 30 September 2022. Both Emirates and dnata have also embarked on targeted recruitment drives to support their future requirements.