Emirates Group returns to profitability, Emirates airline hits $1.1b half-yearly profit

Emirates Group, comprising Emirates airline, dnata and other subsidiaries, has reported a 2022-23 half-year (1 April-30 September) net profit of $1.2 billion – a record half-yearly performance.

The group incurred $1.6 billion loss for the same period last year.  

Main concern of the group Emirates airline registered a net profit of $1.1 billion during the same period.

The Emirates Group on Thursday (10 November) announced its half-year results for its 2022-23 financial year, in Dubai, UAE, reads a press release.

The group's revenue was $15.3 billion for the first six months of 2022-23, up by 128% from $6.7 billion last year.

The first half of FY2022-23 was closed with a strong cash position of $8.9 billion on 30 September, compared to $7 billion, as of 31 March.

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, that the group expects to return to its track record of profitability at the close of the full financial year.

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

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

Emirates carried 20 million passengers between 1 April and 30 September this year, which is higher by 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 $64 million, compared to last year's $23 million. Dnata's revenue including other operating income hits $2 billion, doubled compared to $1 billion generated in the same period last year.

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