Emirates Group Announces Record 1H

• Posts Group net profit of $ 1.2 b a turnaround from $ 1.6 b loss a year ago
• Group revenue up 128% to $ 15.3 b
• Emirates Airline profit in 1H a new record of $ 1.1 b compared to last year’s loss

The Emirates Group last week announced record half year performance despite industry challenges.

The Group has achieved a half-year net profit of $ 1.2 billion which is a turnaround from $ 1.6 billion loss in the corresponding period of last year.

The Group also reported an EBITDA of $ 4.2 billion, a marked improvement from $ 1.5 billion a year ago illustrating its strong operating profitability. Group revenue grew by 128% to $ 15.3 billion.

Emirates the rebound was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.

Emirates carried 20.0 million passengers between 1 April and 30 September 2022, up 228% from the same period last year. Emirates Skycargo uplifted 936,000 tons in the first six months of the year, a 14% decrease compared to the same period last year, as the airline shifted capacity from its “mini-freighters” back to passenger operations.

Emirates profit for the first half of 2022-23 hit a new record of $ 1.1 billion, compared to last year’s loss of $ 1.6 billion.

The airline’s strong turnaround performance is driven by strong passenger demand for international travel across markets and shows the airline’s ability to plan ahead to meet the demand, activate capacity, and attract customers with its high-quality products and value proposition.

Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum 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, our operations recovery 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.

“For the coming months, we remain focussed 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.”

Sheikh Ahmed added: “The Group expects to return to our track record of profitability at the close of our full financial year.”

In line with increased capacity and business activities, the Emirates Group’s employee base, compared to 31 March 2022, grew 10% to an overall count of 93,893 at 30 September 2022.

Emirates Airline overall capacity increased by 40% to 22.8 billion Available Tonne Kilometres (ATKM) due to an expanded flight programme as more countries eased travel restrictions.  

Capacity measured in Available Seat Kilometres (ASKM), increased by 123%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 265% with an average Passenger Seat Factor of 78.5%, compared with 47.9% during the same period last year.

Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum