Emirates airline sets new records with $3 bn in profits

Bouncing back with 81% revenue increase
Emirates airline sets new records with $3 bn in profits
Emirates airline (Photo from Emirates airline's official website)

Emirates airline announced on Thursday that it had achieved its highest level of profitability to date in the 2022-23 fiscal year, with an annual profit of 10.9 billion dirhams ($3 billion) and a group revenue increase of 81 percent.

For the fiscal year 2021-22, the state-owned carrier incurred an annual loss of $1.1 billion, which followed a loss of $5.5 billion in the previous year.

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The Chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum, stated that the airline had completely bounced back from the impact of the pandemic on travel demand. He mentioned that the lifting of travel restrictions had resulted in a surge in demand, and the airline was well-prepared to rapidly increase its operations.

The airline reported an increase in seat occupancy to 79.5 percent, up from 58.6 percent from the previous year. Moreover, the airline has expanded its reach to 150 destinations, compared to 140 destinations it served in the previous year.

The airline carried 43.6 million passengers, up 123 percent from last year, it said.

In addition, Emirates has pledged $200 million towards a research fund that aims to minimize the ecological impact of fossil fuels in commercial aviation. The airline believes that achieving net-zero emissions targets is not feasible with the existing options, and therefore, it has committed to exploring alternative solutions.

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