Emirates posts record profit despite surge in travel

Emirates hit a record $1.2 billion profit in the first half of its 2022/2023 financial year, driven by strong demand and the easing and removal of pandemic-related travel restrictions.

In a statement on Thursday (November 10th), the Dubai-based carrier said it reflected “a solid turnaround and recovery” from last year’s $1.6 billion loss.

The group’s revenue for the six months to September 30 jumped 125% to $15.3 billion, which includes both the Emirates airline and dnata logistics businesses.

The airline’s revenue rose 131% from a year ago to $13.7 billion, with a $1.1 billion profit the carrier attributed to ‘forward planning’ and its “agile business response” as restrictions eased.

Airline and Group CEO Sheikh Ahmed bin Saeed Al Maktoum said: “We were ready and among the first to respond to strong customer demand thanks to our strong business plans, the support of our partners of the industry and our continued investments in people, technology, and products and services.

The airline now serves more than 140 destinations as Emirates rebuilds and expands its network following the Covid-19 pandemic. In the first six months of 2022-23, the carrier launched codeshare and interlining agreements with 12 airlines, including – Aegean, ITA Airways, Air Baltic, Air Canada, Finnair, Royal Air Maroc and Sky Express, launched its new premium economy product on flights from London and Paris, and launched new services to Tel Aviv.

Al Maktoum added: “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 needs.

“We expect customer demand in our business divisions to remain strong in the second half of 2022-23,” he said.

Following a recruitment campaign, the group’s employee base increased by 10% from March to September to reach a total of 93,893 employees.

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