{"id":70751,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/15\/emirates-group-posts-record-revenue-and-net-profits-in-2022-2023\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"emirates-group-posts-record-revenue-and-net-profits-in-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/15\/emirates-group-posts-record-revenue-and-net-profits-in-2022-2023\/","title":{"rendered":"Emirates Group posts record revenue and net profits in 2022-2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> Emirates Group posts record annual income + revenues: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theemiratesgroup.com\/\" style=\"\">Emirates Group<\/a><\/span><span style=\"\"> reported <\/span><span>annual income of <\/span><span style=\"\">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, <\/span><span style=\"\">according to its annual <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/682.pdf\" style=\"\">earnings report (pdf)<\/a><\/span><span style=\"\">. <\/span><span style=\"\">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 r<\/span><span style=\"\">obust global demand following near total removal of travel restrictions. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Freight subsidiary Emirates SkyCargo saw a 21% decline in revenues to USD 4.7 bn, <\/span><span style=\"\">down from \u201cexceptional\u201d revenues last year due to the pandemic. Despite the decline, the cargo division<\/span><span> displayed \u201csolid performance\u201d during the year, contrib<\/span><span style=\"\">uting 16% of the consolidated company\u2019s revenues,<\/span><span style=\"\"> according to the report. The amount of cargo it handled fell to<\/span><span style=\"font-weight:400;\"> 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. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company is also paying out a dividend of AED 4.5 bn (USD 1.2 bn)<\/span><span> to its owner, the Investment Corporation of Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead:<\/span><span style=\"\"> The company expects to remain in the black during FY 2023-24, \u201cwith a strong positive outlook,\u201d CEO <\/span><span style=\"font-weight:400;\">Sheikh Ahmed bin Saeed Al Maktoum said. \u201cWe will work hard to hit our targets, while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty,\u201d Al Maktoum added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The record figures come on the back of the post-pandemic recovery in travel<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[145,122,174,17,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70751","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-aviation","tag-cargo","tag-earnings-watch","tag-enterprise-logistics","tag-uae","wpautop","entry"],"acf":{"mongo_id":"21d49f54-acd5-4cc2-845b-981e105a2c2c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/680.jpg,https:\/\/www.emirates.com\/media-centre\/emirates-group-announces-2022-23-results\/","photo_position":"above","homepage_title":"","full_issue_title":"Emirates Group posts record revenue and net profits in 2022-2023","related_issue":[70740],"teaser":"The record figures come on the back of the post-pandemic recovery in travel","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.507a93fe-d25f-47db-a34e-cb3fdeeb6ebb.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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