HomeNewsEmirates Group cuts net losses with 80% half-yearly increase in revenue

Emirates Group cuts net losses with 80% half-yearly increase in revenue

The Emirates Group today (10 November) announced its half-year results for its 2021-22 financial year.

Group revenue was AED 24.7 billion (€5.8 billion) for the first six months of 2021-22, up 81% from AED 13.7 billion (€3.2 billion) during the same period last year.

The recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their COVID-19 vaccination programmes. 

Despite the dramatic improvement in revenue, the group reported a 2021-22 half-year net loss of AED 5.7 billion (€1.3 billion), substantially improved from its AED 14.1 billion (€3.3 billion) loss for the same period last year.

Improved pre-tax earnings

The Group also reported pre-tax (EBTIDA) earnings of AED 5.6 billion (€1.3 billion), a dramatic turnaround from a negative AED 43 million (€10 million) EBITDA during the same period last year, illustrating its strong return to operating profitability.

The Group continued to maintain a healthy cash position which stood at AED 18.8 billion (€4.4 billion) on 30 September 2021, compared to AED 19.8 billion (€4.65 billion) as on 31 March 2021.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services.

“While there’s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021-22.”

Strong cash reserves

The Emirates Group has been able to tap on its own strong cash reserves, and access funding through its Owner and the broader financial community to support its business needs through the unprecedented challenges wrought on the aviation and travel industry by COVID-19.

In the first half of 2021-22, its Owner further injected AED 2.5 billion (€587 million) into Emirates by way of an equity investment and they continue to support the airline on its recovery path.

Employee Numbers

The Emirates Group’s employee base, compared to 31 March 2021, dropped marginally by 2% to an overall count of 73,571 at 30 September 2021.

In line with the expected ramp up in capacity and business activities in the coming months, Emirates and dnata have embarked on targeted recruitment drives to support its requirements, prioritising the rehiring of employees previously on furlough or made redundant.

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