The Emirates Group has released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.

Emirates achieved new record profits, a complete turnaround from its loss position last year. Both Emirates and dnata saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year ended March 31, 2023, the group posted a record profit of AED10.9 billion (USD3.0 billion) compared with an AED3.8 billion (USD1.0 billion) loss last year.

The group’s revenue was AED119.8 billion (USD32.6 billion), an increase of 81 per cent over last year’s results. The group’s cash balance was AED42.5 billion (USD11.6 billion), the highest ever reported, up 65 per cent from last year mainly due to strong demand across its core business divisions and markets.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97 per cent year-on-year growth in international visitors for 2022. The group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over USD47 billion (AED172.5 billion). With our growth plans, and in line with the Dubai Economic Agenda D33, we expect to significantly increase our contribution to UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spending, and trade and commerce benefits from the movement of cargo.”

In 2022-23, the Emirates Group collectively invested AED7.2 billion (USD2.0 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth.

Amongst its numerous environmental initiatives, a key highlight for Emirates was a successful demonstration flight with 100 per cent sustainable aviation fuel (SAF) in one engine of a Boeing 777. This first-in-region initiative contributes to collective industry data and efforts to enable a future of 100 per cent SAF flying. dnata in 2022-23 pledged to invest USD100 million (AED367 million) over two years to improve environmental efficiency across its global business, supporting its goal to reduce its carbon footprint by 50 per cent by 2030.

The group also continued to progress on its sustainability journey during the year. Notably, it signed up to the United Nations Global Compact, a voluntary initiative where Emirates and dnata will work towards making the UN Sustainable Development Goals (SDGs) and Principles part of their strategy, culture, and operations. The group also signed the UAE Gender Balance Council’s pledge to increase female representation at mid-senior management positions to 30 per cent across the country by 2025. — VNS