Emirates Group reports US$ 3.0 billion annual profit for 2022-23FY

The Emirates Group released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.

Emirates achieved new record profits, a complete turnaround from its loss position last year.

Both Emirates and dnata saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year ended 31 March 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for last year. The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last year’s results. The Group’s cash balance was AED 42.5 billion (US$ 11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.  

To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.

In 2022-23, the Group collectively invested AED 7.2 billion (US$ 2.0 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. Our commitments include: a massive multi-billion dollar aircraft cabin retrofit programme; an order for 5 new 777 freighters; the building of a new pilot training centre; the opening of Bustanica, the world’s largest vertical farm in Dubai under a partnership with CropOne; new training aircraft for its cadets at Emirates Flight Training Academy; dnata’s acquisition of 30% shares to gain full ownership of its ground handling operations in Brazil; and the building of a new advanced cargo facility in Erbil, Iraq.

The Emirates Group also continued to progress on its sustainability journey during the year. Notably, it signed up to the United Nations Global Compact, a voluntary initiative where Emirates and dnata will work towards making the UN Sustainable Development Goals (SDGs) and Principles part of their strategy, culture, and operations. The Group also signed the UAE Gender Balance Council’s pledge to increase female representation at mid-senior management positions to 30% across the country by 2025.

Amongst its numerous environmental initiatives, a key highlight for Emirates was the successful conduct of a demonstration flight with 100% sustainable aviation fuel (SAF) in one engine of a Boeing 777. This first-in-region initiative contributes to collective industry data and efforts to enable a future of 100% SAF flying. dnata in 2022-23 pledged to invest US$ 100 million (AED 367 million) over 2 years, to improve environmental efficiency across its global business, supporting its goal to reduce its carbon footprint by 50% by 2030.

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