Emirates reports record profit of $3bn

Group’s revenue was AED 119.8 billion ($32.6 billion) for 2022-23, an increase of 81 percent year-on-year

Emirates reports record profit of $3bn
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The Emirates Group posted a record profit of AED 10.9 billion ($3 billion) for 2022-23 compared with an AED 3.8 billion ($1 billion) loss for last year.

The Group’s revenue was AED 119.8 billion ($32.6 billion), an increase of 81 percent year-on-year, says an official release.

“The Group’s cash balance was AED 42.5 billion ($11.6 billion), the highest ever reported, up 65 percent from last year due to strong demand across core business divisions and markets.”

Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group

"I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve including Dubai’s astounding 97 percent year-on-year growth in international visitors for 2022," says Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group. "The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over AED 172.5 billion ($47 billion). With our growth plans, and in line with the Dubai Economic Agenda D33, we expect to significantly increase our contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spend, and trade and commerce benefits from the movement of cargo.”

In 2022-23, the Group collectively invested AED 7.2 billion ($2 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth, the release said. The commitments include an order for five new 777 freighters, dnata’s acquisition of 30 percent shares to gain full ownership of its ground handling operations in Brazil, and the building of a new advanced cargo facility in Erbil, Iraq.

Emirates SkyCargo delivers solid numbers
Emirates SkyCargo delivered a solid performance, "contributing 16 percent of the airline’s revenue despite a reduction in available capacity as aircraft that were temporarily converted into mini freighters during the pandemic returned to full passenger service."

"Freight yield per freight tonne kilometre (FTKM) increased three percent "despite more cargo capacity returned to the global market but generally remained at high levels compared to the pandemic marketplace due to steady and strong demand.

"Tonnage carried declined 14 percent to 1.8 million tonnes due to the reduction in available freighter capacity for the entire year with the reinstatement of more passenger services. At the end of 2022-23, Emirates’ SkyCargo’s total freighter fleet stood at 11 Boeing 777Fs."

dnata profit zooms 200%
dnata reported a 201 percent increase in profit at AED 331 million (US$ 90 million) on recovery from the pandemic across almost all businesses.

"With growing flight and travel activity across the world, dnata's total revenue increased 74 percent to AED 14.9 billion ($ 4.1 billion). dnata’s international businesses account for 72 percent of its revenue, an increase of 10pps from the previous year.”

While the number of aircraft turns handled by dnata globally increased 35 percent to 712,383, cargo handled declined eight percent to 2.7 million tonnes, "reflecting the increased flight activity across markets as the last pandemic restrictions lifted and dnata’s customers reinstated services."

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