Emirates Group today released its results for the first half of the 2022-2023 financial year.
According to the company, the figures “shows airline’s ability to meet strong passenger demand across regions with capacity ramp up and high quality products”.
“The record performance for the first six months of 2022-2023 is the result of forward planning, agile business response, and the efforts of our talented and committed workforce”, said Ahmed bin Saeed Al Maktoum, CEO of Emirates Group.
The company’s top executive explained that the easing and lifting of mobility restrictions enabled an acceleration of the business recovery. “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”, he said.
Emirates Group’s key financial and operating results (in USD)
- Half-year net profit reached 1.2 billion dollars. In the same period last year, it had reported a loss of 1.6 billion.
- Revenues increased 128% to 15.3 billion dollars. The company noted that the recovery in demand seen globally following the gradual lifting of the vast majority of health restrictions from March 2020 was key in this regard.
- Emirates Airline recorded a profit of 1.1 billion dollars. In the same period last year, the airline had reported a loss of 1.6 billion.
- Emirates Airline’s revenues increased by 131% to 13.7 billion dollars.
- As of 30 September, the Group had 8.9 billion dollars in cash on hand. At the end of March, the amount was 7 billion.
- At 30 September, the Emirates Group employed 93.893 people. The figure represents a 10% increase compared to 31 March this year.
- Emirates carried a total of 20 million passengers between 1 April and 30 September 2022. The figure represents an increase of 228% year-on-year.
- Capacity, measured in available seat kilometres, increased by 123%.
- The average occupancy rate was 78.5%, a considerable increase from the 47.9% reported in the same period last year.
- Emirates SkyCargo carried a total of 936.000 tonnes of cargo. The figure represents a decrease of 14% year-on-year, which is explained by the transfer of cargo capacity to passenger operations.
- Emirates launched codeshare and interline agreements with twelve airlines in the first half of the current financial year: Airlink, AEGEAN, ITA Airways, Air Baltic, Air Canada, Bamboo Airways, Batik Air, Finnair, Royal Air Maroc, Sky Express, Sun Country Airlines and United Airlines.
- As of 30 September, the airline operated passenger and cargo services to 140 airports.
Outlook for the near future
“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”, said Ahmed bin Saeed Al Maktoum.
The company said it expects demand to remain strong in all business divisions over the coming months. However, rising costs and rising inflation could slow the recovery. Despite this, the Emirates Group expects to close the financial year with positive profitability.