Emirates records US$ 1.1 billion half-year profit

Dubai: Emirates Group comprising Emirates airline, dnata and other subsidiaries has reported a 2022-23 half-year ( April 1,- September 30, 2022)  net profit of US$ 1.2 billion, a record half-year performance. The group incurred US$ 1.6 billion loss for the same period last year.  Main concern of the Group Emirates airline registered a net profit of US$ during the same period.

The Emirates Group today, November 10, 2022, announced its half-year results for its 2022-23 financial year, in Dubai.

Group revenue was US$ 15.3 billion for the first six months of 2022-23, up 128 % from US$ 6.7 billion last year. The Group closed the 1st half year of 2022-23 with a strong cash position of US$ 8.9 billion on 30 September 2022, compared to US$ 7.0 billion, as on 31 March 2022.

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.

 “For the coming months, we remain focused 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.”

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

 Emirates airlines’ profit for the first half of 2022-23 hit a new record of US$ 1.1 billion, compared to last year’s loss of US$ 1.6 billion.

Despite an unfavorable currency exchange environment, Emirates revenue, including other operating income of US$ 13.7 billion was up 131 % compared with the US$ 5.9 billion recorded during the same period last year.

Emirates carried 20 million passengers between 1 April and 30 September 2022, up 228% from the same period last year.
Emirates Skycargo, cargo transport division of the airline 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.

Another subsidiary dnata, one of the world’s largest air service providers, offering ground handling,  catering and travel services, posted  an overall profit  of  US$ 64 million, compared to last year’s US$ 23 million. Dnata’s revenue including other operating income hits US$ 2 billion, doubled compared to US$ 1 billion generated in the same period last year.

Emirates Group’s employee base, compared to 31 March 2022, grew 10 % to an overall count of 93,893 at 30 September 2022.