The Emirates Group has reported a net profit of US$1.2bn for the first six months of 2022-23, a record half-year performance, and a strong turnaround from its $1.6bn loss for the same period last year.
The Group recorded a revenue of $15.3bn for the first six months of 2022-23, up 128% from $6.7bn last year.
This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.
Commenting, 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, the recovery of our operations 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.”
The Group closed the first half year of 2022-23 with a strong cash position of $8.9bn on 30 September 2022, compared to $7.0bn, as on 31 March 2022. The Group has tapped into its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.
The Group also reported an EBITDA of $4.2bn, a marked improvement from $1.5bn during the same period last year, illustrating its strong operating profitability.
“For the coming months, we remain focused 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,” added Sheikh Ahmed.
