Emirates has posted record profits and revenues for 2022, boosted by the post-pandemic global surge in air passenger demand.
Emirates reported a group profit of $3bn – across its commercial passenger and freight networks combined – and a revenue of $32.6bn, which was up by 81% on the previous year.
The Dubai-based group ended the year with its highest-ever cash balance of $11.6bn. It also repaid $817m of debt, which it had taken on over the Covid period to deal with the crisis.
HH Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group, said: “We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result. This achievement would not have been possible without HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, whose leadership has been critical to our success today and through the years. The architect of Dubai’s progressive economic policies, HH Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.”
Commenting on the group’s 2022-23 turnaround performance, Sheikh Ahmed said: “We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers. Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market. As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23. This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”
