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Dubai-based airline Emirates is logging document profits of $3 billion as passenger digits wave by 123%

May 12, 2023: On Thursday, Emirates Group reported record earnings and revenue figures ending April 2023, with customer numbers booming as most pandemic-induced travel restrictions were lifted.

The Dubai-based Group stated an annual profit of 10.9 billion United Arab Emirates dirhams. In comparison, Emirates’ earnings increased by 81% to 119.8 billion dirhams, a press release by the firm. Passenger numbers were increased to 43.6 million for the year, a 123% increase compared to the previous year.

Emirates which posts a $1.1 billion loss in May 2022 after a $5.5 billion loss. The airline was heavily affected by the Covid-19 pandemic and zooming fuel prices following Russia’s complete-scale invasion of Ukraine.

Group of Chairman, Sheikh Ahmed bin Saeed Al Maktoum, credits the firm’s performance to solid leadership and Dubai’s “progressive policies” and expects another strong year for Emirates.

“We go into 2023-24 with a strong positive outlook and anticipate the Group to remain profitable. We will work hard to reach our targets which keep a close watch on inflation, high fuel costs, and political and economic uncertainty,” he stated in the press release.

In a recent interview, Emirates President Tim Clark hints at the positive figures, citing “very resilient demand” for travel.

“A lot of people which flies today, and plenty more flying,” Cook said on May 2.

In the fiscal year 2022, Emirates invested 7.2 billion dirhams in new aircraft, facilities, tools, companies and tech and committed to acquiring five recent Boeing 777 aircraft, opening the world’s significant vertical farm in Dubai and building a new pilot training centre.

The positive figures helped the Emirates to repay 3 billion dirhams of debt raised in the Covid-19 crisis. It said Thursday that Emirates’ owner, Investment Corporation of Dubai, is getting a dividend payout of 4.5 billion dirhams.

Other airline companies have enjoyed the post-pandemic uptick in passenger numbers, with easyJet, which is raised its profit anticipation and Alaska Airlines and Southwest Airlines have reported strong demand.

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Dubai-based airline Emirates is logging document profits of $3 billion as passenger digits wave by 123%