Its revenues grow 128% to 56.3 billion dirhams
Emirates Group achieves 4.2 billion dirhams of record semi-annual net profit
Emirates Airlines continued to focus on restoring its global passenger network.
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The Emirates Group announced its results during the first six months of its fiscal year 2022-2023, revealing that it had achieved a record net profit of 4.2 billion dirhams, and operating profits before interest, taxes, depreciation and amortization, which amounted to 15.3 billion dirhams, at a time when revenues recorded 56.3 billion dirhams. AED, a growth of 128% over the same period last year.
Standard performance
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airlines and Group, said: “We achieved this record performance in the first six months of 2022-2023 thanks to future planning, rapid response, and the efforts and commitment of our talented human resources.”
His Highness added: “The recovery process of our operations across the group accelerated, and a large number of countries eased or removed travel restrictions, and we were ready, and among the first responders, to meet the strong demand, thanks to our planned business plans, the support of our industry partners, and our continuous investments in people, technology, products and services.”
His Highness continued, "In the coming months, we will continue to focus on returning our operations to pre-pandemic levels, and employing skills appropriate to our current and future requirements."
We anticipate that customer demand across our business divisions will remain strong in the second half of the financial year.
However, the outlook is not without headwinds, and we are closely monitoring inflationary costs and other macro challenges, such as the strength of the dollar and the fiscal policies of major markets.”
His Highness Sheikh Ahmed bin Saeed Al Maktoum concluded his statements by saying: "We expect the group to return to profitability at the end of our full fiscal year."
«Emirates Group»
In the first half of the current fiscal year, the Emirates Group recorded a record net profit of 4.2 billion dirhams ($ 1.2 billion), achieving a transformation of about 10 billion dirhams from losses of 5.7 billion dirhams ($ 1.6 billion) in the same period last year. .
The group also achieved operating profits before interest, taxes, depreciation and amortization, which amounted to 15.3 billion dirhams ($ 4.2 billion), in a huge shift from profits of 5.6 billion dirhams ($ 1.5 billion) during the same period last year, which is an indication of strong operating profitability.
The group’s revenues amounted to 56.3 billion dirhams ($15.3 billion) for the first six months of the 2022-2023 fiscal year, a growth of 128 percent, compared to 24.7 billion dirhams ($6.7 billion) last year.
This growth was driven by strong demand for air transport around the world, with further easing and removal of pandemic-related travel restrictions.
The group ended the first half of the 2022-2023 fiscal year with a strong cash position, as its balances amounted to 32.6 billion dirhams ($8.9 billion) on September 30, 2022, compared to 25.8 billion dirhams ($7.0 billion) as on March 31, 2022.
The group was able to take advantage of its strong cash reserves to support business requirements, including debt payments, and obligations related to the “Covid-19” pandemic.
"Fly Emirates"
For its part, Emirates Airlines continued to focus on restoring the global passenger network and its connections through its hub in Dubai, resuming services, and adding flights to meet the demand of dealers across the markets.
Last June, it launched its service to Tel Aviv as a new destination, and in the first six months of 2022-2023, it concluded "code-sharing" agreements, and "Interline" agreements with 12 airlines, namely: Airlink, Aegean, ETA. Airlines, Air Baltic, Air Canada, Bamboo Airways, Batik Air, Finnair, Royal Moroccan, Sky Express, Sun Country Airlines and United Airlines.
Passengers and freight
By September 30, 2022, Emirates Airlines was operating passenger and cargo flights to 140 airports, using its entire fleet of Boeing 777 aircraft, and 73 A380 aircraft.
During the first six months of the current financial year, Emirates Airlines received two new Boeing 777 freighters, and removed a freighter from its fleet, as part of its long-term strategy to reduce emissions and operate modern, highly efficient aircraft.
In November, Emirates Airlines launched its multi-billion dollar program to modify and modernize 120 aircraft with the latest products and interior cabin designs.
During the period from April 1 to September 30, 2022, Emirates Airlines carried 20 million passengers, a growth of 228 percent over the same period last year.
Emirates Air Cargo also transported 936,000 tons, which is 14% less than the same period last year, because Emirates Airlines returned the planes that it converted for freight to the passenger fleet.
Carrier's profits
In the first half of the 2022-2023 fiscal year, Emirates Airlines achieved record profits of 4.0 billion dirhams ($1.1 billion), compared to losses of 5.8 billion dirhams ($1.6 billion) in the same period last year.
Despite the unfavorable currency exchange conditions, Emirates Airlines' revenues, including other operating revenues, recorded 50.1 billion dirhams ($ 13.7 billion), a growth of 131 percent, compared to revenues for the same period of the previous fiscal year, which amounted to 21.7 1 billion dirhams ($5.9 billion).
operational costs
In turn, Emirates Airlines' operating costs increased by 73%, with total capacity increasing by 40%, as a result of a more than threefold increase in fuel costs, compared to the same period last year.
This is mainly due to an increase in the quantities of fuel consumed by 65% as a result of the significant growth in air operations during the six-month period until the end of September, in addition to the doubling of the average oil price during that period.
Fuel, which constituted the largest percentage of the operating cost for the years before the pandemic, accounted for 38% of the operating cost in the first six months of the fiscal year, compared to 20% in the same period of the previous year.
Emirates Airlines' operating profit (before interest, taxes, depreciation and amortization) nearly tripled to 14.7 billion dirhams ($4.0 billion), compared to 5.0 billion dirhams ($1.4 billion) in the same period of the previous year.
Ahmed bin Said:
■ “We achieved record performance in the first six months of 2022-2023 thanks to forward planning, rapid response, and the efforts and commitment of our talented human resources.”
■ “Over the coming months, we will continue to focus on returning our operations to pre-pandemic levels, and employing skills appropriate to our current and future requirements.”
Emirates Airlines records a 131% growth in revenue to 50.1 billion dirhams.
93.89 thousand employees
The Emirates Group employee base expanded, compared to March 31, 2022, by 10%, bringing the total number of employees on September 30, 2022 to 93,893 employees.
Emirates Airlines and dnata have also launched recruitment campaigns to support future requirements.
15.3
billion dirhams operating profit for the group before interest and taxes.
32.6
billion dirhams cash balances of the group.
140
An airport to which Emirates Airlines will operate passenger and cargo flights by the end of September 2022.
20
One million passengers carried by Emirates Airlines from April 1 to September 30.
4
Billions of dirhams of Emirates Airlines profits during the first half.
12
The "code-sharing" and "Interline" agreement was concluded by the "carrier" in six months.
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