Emirates Group Announces Record Half-Year Performance for 2022-23

Emirates Group Announces Record Half-Year Performance for 2022-23

Profits see a turnaround of almost $2.8 billion from the same period last year

The Emirates Group today announced its half-year results for its 2022-23 financial year.

The Group is reporting a 2022-23 half-year net profit of $1.2 billion, a record half-year performance, and a turnaround of almost $2.8 billion from its $1.6 billion loss for the same period last year.

The Group also reported an EBITDA of $4.2 billion, a marked improvement from $1.5 billion during the same period last year, illustrating its strong operating profitability.

Group revenue was $15.3 billion for the first six months of 2022-23, up 128% from $6.7 billion last year. This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.

The Group closed the first half year of 2022-23 with a strong cash position of $8.9 billion on 30 September 2022, compared to $7.0 billion, as on 31 March 2022.

The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.

His Highness (HH) 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.

"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.

"For the coming months, we remain focussed 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. However, the horizon is not without headwinds, and we are keeping a close watch on inflationary costs and other macro-challenges such as the strong US dollar and the fiscal policies of major markets.

"The Group expects to return to our track record of profitability at the close of our full financial year."

In line with increased capacity and business activities, the Emirates Group’s employee base, compared to 31 March 2022, grew 10% to an overall count of 93,893 at 30 September 2022.

Both Emirates and dnata have also embarked on targeted recruitment drives to support their future requirements.

Emirates airline

Emirates continued to focus on restoring its global passenger network and connections through its Dubai hub, restarting services and adding flights to meet customer demand across markets.

By 30 September, the airline was operating passenger and cargo services to 140 airports, utilising its entire Boeing 777 fleet and 73 A380s.

During the first six months of 2022-23, Emirates took delivery of 2 new Boeing 777 freighters and returned 1 older freighter from its fleet as part of its long-standing strategy to minimise its emissions footprint and operate modern, efficient aircraft.

With new passenger aircraft only expected to arrive in 2024, Emirates this month began its multi-billion dollar programme to retrofit 120 aircraft with its latest cabin interiors and products.

dnata

In line with increased air and passenger traffic across markets, dnata’s businesses in cargo and ground handling, catering and retail, and travel services saw a significant uptick in operations.

This drove strong revenue growth in the first six months of 2022-23, however dnata’s overall performance was dampened by inflation and increased costs across its markets.

Ensuring its future readiness to provide safe and high-quality services to its customers, dnata committed $100 million to implement green technology and initiatives across its business, and invested $17 million into its operations in Erbil, Iraq including an advanced cool chain facility, bus maintenance facility, and a new cargo warehouse.

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