Group reports annual profit of AED 10.9 billion (US$ 3.0 billion), a new profit and revenue record and a significant turnaround from last year

• Group revenue of AED 119.8 billion (US$ 32.6 billion) increased by 81% with strong customer demand worldwide with almost all travel restrictions removed.
• Ends year with highest-ever cash balance of AED 42.5 billion (US$ 11.6 billion).
• The Group has declared a dividend of AED 4.5 billion (US$ 1.2 billion) to its owner ICD, Investment Corporation of Dubai. 
• Repays AED 3.0 billion (US$ 817 million) of debt raised during COVID-19 crisis, partly ahead of maturity.
• Chairman credits the Group’s record performance and ongoing success to HH Sheikh Mohammed bin Rashid Al Maktoum’s leadership and Dubai’s progressive policies.

Emirates reports its most profitable year ever with a profit of AED 10.6 billion (US$ 2.9 billion) compared with AED 3.9 billion (US$ 1.1 billion) loss in the previous year

• Revenue up 81% to AED 107.4 billion (US$ 29.3 billion), as airline restored its global network and reinstated more passenger flights.
• Airline capacity increased by 32% to 48.2 billion ATKMs, with two new 777 freighter aircraft added to its fleet.

dnata reports a profit of AED 331 million (US$ 90 million), a solid growth from its AED 110 million (US$ 30 million) profit last year

• Revenue increased by 74% to AED 14.9 billion (US$ 4.1 billion), reflecting the ongoing pandemic recovery across all business divisions in the UAE and worldwide. 
• Expands global footprint with launch of operations in Zanzibar, Tanzania; new cargo operations in Germany and Canada, and acquiring full ownership of ground handling operations in Brazil.

DUBAI, UAE, 11 May 2023 – The Emirates Group today released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.

Emirates achieved new record profits, a complete turnaround from its loss position last year.

Both Emirates and dnata saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year ended 31 March 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for last year. The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last year’s results. The Group’s cash balance was AED 42.5 billion (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.  

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result. This achievement would not have been possible without HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, whose leadership has been critical to our success today and through the years. The architect of Dubai’s progressive economic policies, HH Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.”

He added: 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% year-on-year growth in international visitors for 2022. 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 US$ 47 billion (AED 172.5 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.”

Commenting on the Group’s 2022-23 turnaround performance, Sheikh Ahmed said: “We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers. Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market. As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23.  This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”