Emirates Group, the parent com- pany of Dubai’s flagship carrier, Emirates Airline, reported on Thursday the most profitable year in its 38 years of operations on the back of strong demand across its busi- nesses, with a record $32.6 billion (AED119.8 billion) in annual revenue for the 2022-2023 fiscal year (FY), mark- ing an 81 per cent upturn compared to the preceding year. For the financial year ending March 31, 2023, the Emirates Group reported record net profits of $3 billion (AED10.9 billion), marking a new record and a significant turnaround from last year’s $1.1 billion (AED3.9 billion) loss. The Group ended the year on a high, with $11.6 billion (AED42.5 billion) in cash balance, the highest ever re- ported, marking a 65 per cent increase from last year owing to strong demand across its core business divisions and markets. The aviation conglomerate’s core businesses, Emirates Airline and dnata saw significant revenue in- creases in 2022-23, which were largely driven by the group’s expansion of its air transport and travel-related operations following the removal of pandemic-related restrictions around the world. “We are proud of our 2022-23 perfor- mance which is not only a full recov- ery, but also a record result,” Sheikh Ahmed bin Saeed Al Maktoum, Chair- man and Chief Executive, Emirates Airline and Group said, attributing the record accomplishment to without HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, and Prime Minister, and Ruler of Dubai. “The architect of Dubai’s progres- sive economic policies, Sheikh Mo- hammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today,” HH Sheikh Ahmed added. Sheikh Ahmed further expressed his pride in Emirates’ contribution to the restoration of air transport and tourism across the markets it serves, including Dubai’s astounding 97 per cent year-on-year growth in interna- tional visitors for 2022, emphasising that the group is the single “biggest player” in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over $47 billion (AED172.5
