The Emirates Group today released its 2022-23 Annual Report, reporting its most profitable
year ever on the back of strong demand across its businesses. Emirates (airline) achieved new
record profits, a complete turnaround from its loss position last year. Both Emirates and dnata
(Dubai National Air Travel Agency) 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 31 March 2023, the Emirates Group posted a record profit of AED
10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for last year.
The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last
year’s results. The Group’s cash balance was AED 42.5 billion (US$ 11.6 billion), the highest
ever reported, up 65% 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: “We’re proud of our 2022-23 performance which is not only a full recovery, but
also a record result. This achievement would not have been possible without HH Sheikh
Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of
Dubai, whose leadership has been critical to our success today and through the years. The
architect of Dubai’s progressive economic policies, HH Sheikh Mohammed is also the engine
behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the
size of what we are today.”
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