Leading Dubai-based international aviation holding company, the Emirates Group, has recently announced its best-ever yearly performance, as it made $3 billion in annual profits.
The news comes after Emirates Group released its 2022-23 Annual Report on Thursday, revealing that the company has overcome its loss position last year.
BREAKING NEWS: The Emirates Group has just reported its most successful year ever, with an annual profit of US$ 3.0 billion in 2022-23. https://t.co/iL4Ts9g9fq pic.twitter.com/dqXTp28vHq
— Emirates (@emirates) May 11, 2023
Group’s 81% revenue increase to $32.6 billion (AED 119.8 billion) was mainly because of strong consumer demand, as countries began to lift their travel restrictions in 2022.
Emirates also ended the year with its highest-ever cash balance on record, at $11.6 billion (AED 42.5 billion).
Emirates Group, including both Emirates and dnata, experienced notable growth in revenue during the financial period due to an expansion in air transport and other travel-related services.
The Group’s annual report revealed that it earned $3.0 billion (AED 10.9 billion) in profit, marking a massive improvement from last year’s $1.0 billion (AED 3.8 billion) loss.
In a statement, Group Chairman, Sheikh Ahmed bin Saeed, expressed his delight over the performance and company’s important role in the restoration of air travel and tourism in the markets, including Dubai’s impressive 97% rise in international tourists last year.
Being the top player in UAE’s aviation industry, Emirates Group contributes significantly to the country’s GDP, which is estimated to be over $47 billion (AED 172.5 billion).
Its recruitment activity also increased to support its expansion, resulting in a 20% surge in the workforce, which now surpasses 100,000 employees from more than 160 countries.
