Emirates has reported a record half-year performance for the 2022-23 financial year.
In a statement Emirates said it has seen net profit of $1.143bn (AED4.2bn)
It is a turnaround from the heavy losses of $1.6bn (AED5.7bn) last year.
Record performance for Emirates
Commenting on the strong performance the Emirates Chairman highlighted the group’s agile response and identified the commercial headwinds Emirates is flying into.
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 among 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.”
Group revenue was $15.3bn (AED56.3bn) for the first six months of 2022-23, up 128% from $6.7bn (AED24.7bn) 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.
In line with increased capacity and business activities, the 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.
The airline carried 20.0 million passengers between 1 April and 30 September 2022, up 228% from the same period last year. Emirates Skycargo uplifted 936,000 tonnes in the first six months of the year, a 14% decrease compared to the same period last year, as the airline shifted capacity from its “mini-freighters” back to passenger operations.
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