Emirates flies into Dh4.2bn profit

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The Group closed the first half year of 2022-23 with a strong cash position of AED32.6 billion (US$8.9 billion) on 30th September 2022…reports Asian Lite News

Emirates Group on Thursday announced its half-year results for its 2022-23 financial year, reporting a record net profit of AED4.2 billion (US$1.2 billion), a turnaround of some AED10 billion from its AED5.7 billion (US$1.6 billion) loss for the same period last year.

The Group also reported an EBITDA of AED15.3 billion (US$4.2 billion), a marked improvement from AED5.6 billion (US$1.5 billion) during the same period last year, illustrating its strong operating profitability.

Group revenue was AED56.3 billion (US$15.3 billion) for the first six months of 2022-23, up 128 percent from AED24.7 billion (US$6.7 billion) last year, 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 AED32.6 billion (US$8.9 billion) on 30th September 2022, compared to AED25.8 billion (US$7.0 billion), as on 31st March, 2022.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of 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,” he added.

In line with increased capacity and business activities, the Emirates Group’s employee base, compared to 31st March, 2022, grew 10 percent to an overall count of 93,893 at 30th September 2022. Both Emirates and dnata have also embarked on targeted recruitment drives to support their future requirements.

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