The Business Times

Emirates airline back in profit after Covid losses

Published Thu, Nov 10, 2022 · 06:34 PM

EMIRATES has bounced back into the black after its losses during the pandemic, the airline said Thursday (Nov 10), announcing a US$1.1 billion profit and a half-year record for the group.

Revenues at the Middle East’s biggest carrier surged 131 per cent to 50.1 billion dirhams (S$19.1 billion) in the first half of the financial year starting in April, compared to a year earlier.

Emirates Group, which includes the airline and air services provider dnata, clocked a record US$1.2 billion half-year profit, which reflected “strong turnaround and recovery”, after a US$1.6 billion loss last year.

“Across the group, our operations recovery accelerated as more countries eased and removed travel restrictions,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates airline and group.

“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 requirements,” he added.

Emirates airline posted a US$5.5 billion loss for the 2020-2021 financial year, its first in more than three decades, after grounding its fleet and making heavy lay-offs during the coronavirus pandemic.

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After the Dubai-based carrier pared losses to US$1.1 billion in 2021-2022, Sheikh Ahmed said he was expecting full-year group profits for the current financial year.

But “the horizon is not without headwinds”, he warned.

“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,” he said. AFP

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