Emirates Group reported record profit and revenue figures for the yr ending April 2023
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Emirates Group reported record profit and revenue figures Thursday for the yr ending April 2023, with customer numbers booming as the vast majority of pandemic-induced travel restrictions were lifted.
The Dubai-based group reported an annual profit of 10.9 billion United Arab Emirates dirhams ($3 billion), while Emirates’ revenue increased by 81% to 119.8 billion dirhams, in accordance with a press release by the corporate. Passenger numbers were as much as 43.6 million for the yr, which is a 123% increase in comparison with the previous yr.
Emirates posted a $1.1 billion loss in May 2022, following a $5.5 billion loss in May 2021, because the airline was heavily impacted by the Covid-19 pandemic and soaring fuel prices following Russia’s full-scale invasion of Ukraine.
Chairman of the group, Sheikh Ahmed bin Saeed Al Maktoum, credited the corporate’s performance to strong leadership and Dubai’s “progressive policies,” and anticipates one other strong yr for Emirates.
“We go into 2023-24 with a powerful positive outlook and expect the Group to stay profitable. We are going to work hard to hit our targets while keeping an in depth watch on inflation, high fuel prices, and political and economic uncertainty,” he said within the press release.
Emirates President Tim Clark hinted on the positive figures in a recent interview with CNBC, citing “very resilient demand” for travel.
“A whole lot of persons are flying today and many more wish to fly,” Cook said on May 2.
Within the financial yr 2022, Emirates invested 7.2 billion dirhams in recent aircraft, facilities, equipment, corporations and tech, and has committed to acquiring five recent Boeing 777 aircraft, opening the world’s largest vertical farm in Dubai, and constructing a recent pilot training center.
The positive figures enabled Emirates to repay 3 billion dirhams of debt raised through the Covid-19 crisis, and Emirates’ owner, Investment Corporation of Dubai, received a dividend payout of 4.5 billion dirhams, it said Thursday.
Other airline corporations have also enjoyed the post-pandemic uptick in passenger numbers, with easyJet raising its profit expectations, and Alaska Airlines and Southwest Airlines each having reported strong demand.