Dubai-based airline Emirates logs record profits of $3 billion
Emirates Group reported record profit and revenue figures Thursday for the year ending April 2023, with customer numbers booming as the majority of pandemic-induced travel restrictions were lifted.
The Dubai-based group reported an annual profit of 10.9 billion United Arab Emirates dirhams ($3 billion), while Emirates' revenue increased by 81% to 119.8 billion dirhams, according to a press release by the company. Passenger numbers were up to 43.6 million for the year, which is a 123% increase compared to the previous year.
Emirates posted a $1.1 billion loss in May 2022, following a $5.5 billion loss in May 2021, as the airline was heavily impacted by the Covid-19 pandemic and soaring fuel prices following Russia's full-scale invasion of Ukraine.
Chairman of the group, Sheikh Ahmed bin Saeed Al Maktoum, credited the company's performance to strong leadership and Dubai's "progressive policies," and anticipates another strong year for Emirates.
Source: CNBC
