Emirates Group posts record annual income + revenues: Emirates Group reported annual income of AED 10.9 bn (USD 3 bn) for FY 2022-2023, which ended on 31 March, reversing its USD 1 bn net loss position from last year, according to its annual earnings report (pdf). The bottom line figure is an all-time high for the company. Topline figures for the same period also rose 81% y-o-y to hit a record AED 119.8 bn (USD 32.6 bn). Emirates Group attributes the growth to robust global demand following near total removal of travel restrictions.

Freight subsidiary Emirates SkyCargo saw a 21% decline in revenues to USD 4.7 bn, down from “exceptional” revenues last year due to the pandemic. Despite the decline, the cargo division displayed “solid performance” during the year, contributing 16% of the consolidated company’s revenues, according to the report. The amount of cargo it handled fell to 14% to 1.8 mn tonnes, as passenger aircraft that had been temporarily used for freight amid heightened demand during the pandemic was restored to its original use.

The company is also paying out a dividend of AED 4.5 bn (USD 1.2 bn) to its owner, the Investment Corporation of Dubai.

Looking ahead: The company expects to remain in the black during FY 2023-24, “with a strong positive outlook,” CEO Sheikh Ahmed bin Saeed Al Maktoum said. “We will work hard to hit our targets, while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty,” Al Maktoum added.

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