Emirates airline reports record 10.9 billion dirham annual profit

DUBAI’S Emirates airline on Thursday (May 11) said financial year 2022 to 2023 had been its most profitable so far, reporting an annual profit of 10.9 billion dirhams (S$3.9 billion) and a group revenue increase of 81 per cent.

The state-owned carrier had posted an annual loss of US$1.1 billion for 2021 to 2022, following a US$5.5 billion loss the year before that.

The airline had made a “full recovery” since the hit to demand caused by the pandemic, chairman and chief executive officer Sheikh Ahmed bin Saeed Al Maktoum said.

“As the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly,” he said.

The state-owned airline said it filled 79.5 per cent of seats flown, up from 58.6 per cent a year earlier, and was now flying to 150 destinations, up from more than 140 last year.

Emirates also said it had committed US$200 million to a research fund focusing on reducing the impact of fossil fuels in commercial aviation, because hitting net-zero emissions targets would not be possible with currently available options. REUTERS