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Emirates Group posts AED4.2 billion (US$1.2 billion) half-year net profit for 2022-23, record half-year performance and swivels from AED5.7 billion (US$1.6 billion) loss to close to AED10 billion dirham in the same period last year.
The group also reported EBITDA of AED 15.3 billion (US$ 4.2 billion), a significant improvement from AED 5.6 billion (US$ 1.5 billion) in the same period last year, reflecting its strong operating profitability.
Group revenue for the first six months of 2022-23 was AED56.3 billion (US$15.3 billion), up 128 percent from AED24.7 billion (US$6.7 billion) last year. This was driven by strong global demand for air transport as pandemic-related travel restrictions were further eased and lifted.
The Group ended the first half of 2022-23 with a strong cash position of AED 32.6 billion (USD 8.9 billion) as of 30 September 2022, compared to AED 25.8 billion (USD 7.0 billion) as of 31 March 2022 Dollar). The Group has been able to use its strong cash reserves to support business needs, including debt payments and pandemic-related commitments.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, said: “The Group’s record performance in the first six months of 2022-23 is a forward-looking planning, agile business response and our talented and committed workforce.
“Across the Group, our business recovery accelerated as more countries eased and lifted travel restrictions. Thanks to our solid business plan, the support of our industry partners and our continued investment, we are well positioned and first to meet the strong Customer needs are in terms of people, technology, products and services.
“Over the next few months, we will continue to focus on returning our operations to pre-pandemic levels and recruiting the right skills for our current and future needs. -H2 of 23 will remain strong. However, the horizon is not without headwinds and we are closely monitoring inflation costs and other macro challenges such as a strong US dollar and fiscal policies in key markets. The Group expects to return to profitability by the end of the year on record for our full financial year. “
The Emirates Group’s total workforce increased by 10% to 93,893 as at 30 September 2022 compared to 31 March 2022. Emirates and dnata have also undertaken targeted recruitment campaigns to support their future needs.
Emirates Airlines
Emirates posted a new record profit of AED4 billion ($1.1 billion) in the first half of 2022-23, compared with a loss of AED5.8 billion ($1.6 billion) last year. Despite the unfavorable currency environment, Emirates’ revenue, including other operating income, was AED50.1 billion ($13.7 billion), up 131 percent from AED21.7 billion ($5.9 billion) a year earlier.
The airline’s strong turnaround performance was driven by strong passenger demand for international travel across markets, demonstrating the airline’s ability to plan ahead to meet demand, activate capacity and attract customers with its high-quality product and value proposition.
Emirates’ operating costs rose 73% amid a 40% increase in overall capacity, mainly due to a significant increase in fuel costs, which more than tripled compared to the same period last year.
This was primarily due to a 65% increase in fuel as flight operations increased, as well as a doubling of average fuel prices over the period. Fuel was the largest component of airline operating costs in the pre-pandemic reporting cycle, accounting for 38% of operating costs, one of the highest proportions ever recorded, compared with 20% in the first six months of last year.
Driven by strong demand and business growth over the past six months, Emirates’ EBITDA nearly tripled to AED 14.7 billion (US$ 4 billion) compared to AED 5 billion (US$ 1.4 billion) in the same period last year .
Total capacity in the first six months of the year rose 40% to 22.8 billion available tonne kilometers (ATKM), driven by an expanded flight program as more countries eased travel restrictions. Capacity, measured in available seat kilometers (ASKM), rose 123%, while passenger traffic, measured in revenue passenger kilometers (RPKM), rose 265%, with an average passenger seat factor of 78.5%, compared with 47.9% a year earlier.
Emirates carried 20 million passengers between April 1 and September 30, 2022, an increase of 228% over the same period last year. Emirates Skycargo added 936,000 tonnes in the first six months of the year, down 14% on the same period last year, as the airline shifted capacity from its “small freighters” back to passenger operations.
DNATA
For the first half of 2022-23, dnata’s revenue (including other operating income) was AED 7.3 billion (US$ 2 billion), double the AED 3.7 billion (US$ 1 billion) in the same period last year .
dnata’s total profit was 236 million dirhams ($64 million), compared with 85 million dirhams ($23 million) last year.
dnata’s airport business remained the largest contributor to revenue at AED 3.5 billion (US$ 944 million), up 37% on the same period last year, as customer demand continued to pick up, particularly from operations in the UAE, US, Italy and UK. Across its operations, dnata handled a 56 per cent increase in aircraft turns to 347,581 and handled 1.4 million tonnes of cargo, a slight decline of 2 per cent, reflecting an increased focus on passenger traffic by its airline customers.
dnata’s in-flight catering and retail business contributed AED 2.4 billion ($651 million) to its revenue, up 212 percent, with strong production growth in Australia, the UK and the US to meet customer demand. The number of promoted meals jumped 204% to 50.5 million meals, after last year’s 16.6 million meals.
dnata’s tourism arm contributed AED1.2 billion ($323 million) in revenue, up 708 percent from AED147 million ($40 million) a year earlier, mainly due to tourism in the Middle East and the UK Strong recovery in demand and bookings for businesses. The segment reported underlying total transaction value (TTV) sales of AED 4.7 billion (US$ 1.3 billion), compared to AED 726 million (US$ 198 million) in the same period last year. – trade arab news agency
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