Dubai-based airline Emirates logs record profits of $3 billion as passenger numbers surge by 123%

Emirates Group reported grounds nett and gross figures Thursday for the twelvemonth ending April 2023, with lawsuit numbers booming arsenic the bulk of pandemic-induced question restrictions were lifted.

The Dubai-based radical reported an yearly nett of 10.9 cardinal United Arab Emirates dirhams ($3 billion), portion Emirates' gross accrued by 81% to 119.8 cardinal dirhams, according to a property merchandise by the company. Passenger numbers were up to 43.6 cardinal for the year, which is simply a 123% summation compared to the erstwhile year.

Emirates posted a $1.1 cardinal loss successful May 2022, pursuing a $5.5 cardinal nonaccomplishment successful May 2021, arsenic the hose was heavy impacted by the Covid-19 pandemic and soaring substance prices pursuing Russia's full-scale penetration of Ukraine.

Chairman of the group, Sheikh Ahmed bin Saeed Al Maktoum, credited the company's show to beardown enactment and Dubai's "progressive policies," and anticipates different beardown twelvemonth for Emirates.

"We spell into 2023-24 with a beardown affirmative outlook and expect the Group to stay profitable. We volition enactment hard to deed our targets portion keeping a adjacent ticker connected inflation, precocious substance prices, and governmental and economical uncertainty," helium said successful the property release.

Emirates President Tim Clark hinted astatine the affirmative figures successful a caller interrogation with CNBC, citing "very resilient demand" for travel.

"A batch of radical are flying contiguous and plentifulness much privation to fly," Cook said connected May 2.

In the fiscal twelvemonth 2022, Emirates invested 7.2 cardinal dirhams successful caller aircraft, facilities, equipment, companies and tech, and has committed to acquiring 5 caller Boeing 777 aircraft, opening the world's largest vertical farm successful Dubai, and gathering a caller aviator grooming center.

The affirmative figures enabled Emirates to repay 3 cardinal dirhams of indebtedness raised during the Covid-19 crisis, and Emirates' owner, Investment Corporation of Dubai, received a dividend payout of 4.5 cardinal dirhams, it said Thursday.

Other hose companies person besides enjoyed the post-pandemic uptick successful rider numbers, with easyJet raising its nett expectations, and Alaska Airlines and Southwest Airlines some having reported beardown demand.