The Emirates Group has announced half-year results for the 2022-23 financial year posting net profit of AED 4.2 billion (US$ 1.2 billion), for the same period. It is considered a record half-year performance where it witnessed a turnaround of almost AED 10 billion from its AED 5.7 billion (US$ 1.6 billion) loss for the same period last year.
Among notable facts are an EBITDA of AED 15.3 billion (US$ 4.2 billion), constituting a marked improvement from AED 5.6 billion (US$ 1.5 billion) during the same period last year, showcasing strong operating profitability coupled with Group revenue at AED 56.3 billion (US$ 15.3 billion) for the first six months of 2022-23.
The latter showed a rise of 128 percent from AED 24.7 billion (US$ 6.7 billion) during the last year. It is spurred by strong demand for air transport spanning across the globe with the further easing and removal of pandemic-related travel restrictions.
The Group also closed the first half year of 2022-23 with a strong cash position of AED 32.6 billion (US$ 8.9 billion) on September 30, 2022, compared to AED 25.8 billion (US$ 7.0 billion), as on March 31, 2022, where it has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic related commitments.
Commenting on the results, His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group was quoted as: “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.
“Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions. 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 further added that for the coming months, the aim is to remain focussed on restoring Emirates operations to the pre-pandemic level and hiring the right skills in suiting this current and future requirement while adding that they expect customer demands across its business divisions to remain strong in H2 2022-23.
The horizon is not without headwinds, he emphasised while keeping a close watch on inflationary costs and several macro challenges such as the strong US dollar and the fiscal policies of major markets.
The chairman and Chief Executive also underlined about the group expecting to return on the path of profitability at the close of its full financial year.
During the period falling between April 1 and September 30, 2022 Emirates chartered 20 million passengers and the number was up by a staggering 228 percent as compared to the same period of last year. The carrier’s profit during the first half of 2022-23 hit a new high with a record of AED 4.0 billion (US$ 1.1 billion), in relation to last year’s loss of AED 5.8 billion (US$ 1.6 billion).
Emirates revenue, encompassing other operating income of AED 50.1 billion (US$ 13.7 billion) was up 131 percent compared with the AED 21.7 billion (US$ 5.9 billion) recorded during the same period last year despite several challenges such as an unfavourable currency exchange environment. The strong turnaround performance is attributed to strong passenger demand for international travel across markets and shows the airline’s ability to plan to meet demand, activate capacity and attract customers with high-quality products and value propositions.
