The Emirates Group comprising Emirates airline, dnata and other subsidiaries released its Annual Report 2022-23, ending on March 31, 2023, reporting its most profitable year, a press release said on Thursday, May 11, 2023. Emirates Group achieved new record profits, a complete turnaround from its loss position last year. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, were present at the meeting.
In 2022-23, Emirates airline substantially improved its financial results and reported a record profit of US$ 2.9 billion after last year’s US$ 1.1 billion loss. Airline’s total revenue for the financial year increased 81% to US$ 29.3 billion.
Emirates airline’s total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs. The airline carried 43.6 million passengers (up 123%) in 2022-23, with seat capacity up by 78%. The airline reports a Passenger Seat Factor of 79.5%, compared with last year’s passenger seat factor of 58.6%. Emirates SkyCargo, cargo division of Emirates airline reported solid revenue of US$ 4.7 billion. This was a 21% decline over last year’s exceptional performance caused by the pandemic.
On the other hand the Emirates Group posted a record profit of US$ 3.0 billion compared with a US$ 1.0 billion loss for last year. The Group’s revenue was US$ 32.6 billion, an increase of 81% over last year’s results. The Group’s cash balance was US$ 11.6 billion, the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.
Emirates has safely restarted operations to more than 130 destinations, across six continents and currently operates 21 flights per week from the Dhaka to Dubai.
