Emirates Has Best Year Ever with $3 Billion Profits
Emirates Group, a Dubai-based aviation holding corporation, reported $3 billion in annual profits.
Emirates Group presented its 2022-23 Annual Report on Thursday, showing that the corporation had overcome its deficit last year.
As governments lifted travel restrictions in 2022, consumer demand drove Group’s 81% revenue gain to $32.6 billion (AED 119.8 billion).
Emirates completed the year with a record $11.6 billion (AED 42.5 billion) cash balance.
Emirates Group, which includes Emirates and dnata, saw revenue rise due to air transport and other travel services.
The Group’s annual report showed a $3.0 billion (AED 10.9 billion) profit, a huge turnaround from last year’s $1.0 billion loss.
Sheikh Ahmed bin Saeed, Group Chairman, praised the company’s performance and role in restoring air travel and tourism in the markets, particularly Dubai’s 97% increase in international tourists last year.
Emirates Group provides about $47 billion (AED 172.5 billion) to UAE’s GDP as the aviation industry’s leader.
To support its expansion, it recruited 20% additional people, reaching 100,000 from over 160 nations.