Emirates Group reports net profit of $1.2bn

The Emirates Group reported a net profit of AED 4.2 billion ($1.2 billion) for the first half of financial year 2022-2023, a record half-year performance, and a turnaround of almost AED 10 billion from its AED 5.7 billion ($1.6 billion) loss for the same period last year.

"The Group also reported an EBITDA of AED 15.3 billion ($4.2 billion), a marked improvement from AED 5.6 billion ($1.5 billion) during the same period last year," says an official release.

Group revenue more than doubled to AED 56.3 billion ($15.3 billion) for the first six months from AED 24.7 billion ($6.7 billion) during the same period last year, driven by strong demand for air transport across the world with easing and removal of pandemic-related travel restrictions.

"The Group closed the first half year of 2022-23 with a strong cash position of AED 32.6 billion ($8.9 billion) on September 30, 2022 compared to AED 25.8 billion ($7 billion) as on March 31, 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."

"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, Sheikh Ahmed added.

The Emirates Group's employee base, compared to March 31, 2022, increased 10 percent to 93,893 on September 30, 2022.

Emirates SkyCargo
Emirates SkyCargo carried 936,000 tonnes in the first six months of the year, a 14 percent decline compared to the same period last year as the airline shifted capacity from its mini-freighters back to passenger operations.

dnata
dnata's revenue, including other operating income, of AED 7.3 billion ($2 billion) doubled compared to AED 3.7 billion ($1 billion) generated in the same period last year. Overall profit for dnata is AED 236 million ($64 million) compared to last year's AED 85 million ($23 million).

The number of aircraft turns handled by dnata increased 56 percent to 347,581, and it handled 1.4 million tonnes of cargo, slightly down (2 percent) reflecting its airline customers' increased focus on passenger operations, the release added.