DUBAI, United Arab Emirates, May 11 – Emirates Group announced a record $3 billion annual profit on Thursday, hailing a “full recovery” for the Dubai-based carrier after last year’s losses due to the pandemic.
“We’re proud of our 2022-23 performance which is not only a full recovery but also a record result,” Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said in a statement.
The Emirates airline business alone banked $2.9 billion, another record, after returning a $1.1 billion loss in the previous financial year as passengers began to return to the skies.
The airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in more than three decades, after grounding its fleet and making heavy lay-offs.
Emirates Group, which reported a $1.0 billion loss last year, ended 2022-2023 with its highest ever cash balance of $11.6 billion.
“We had anticipated the strong return of travel and, as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers,” Sheikh Ahmed said.
