The Emirates Group announced a net profit for the first half of 2022–23 of Dh4.2 billion (US$ 1.2 billion), a record for the period. This represents a nearly Dh10 billion improvement over the Dh5.7 billion (US$ 1.6 billion) deficit for the same period in the previous year.
The Group’s high operating profitability is also demonstrated by its reported EBITDA of Dh15.3 billion, up from Dh5.6 billion during the same period the previous year.
For the first half of 2022–2023, the group’s income increased by 128%, from Dh24.7 billion to Dh56.3 billion. With travel restrictions associated with the epidemic being gradually relaxed and removed, there was a significant increase in demand for air travel globally.
With a healthy cash position of Dh32.6 billion on September 30 compared to Dh25.8 billion as of March 31, the Group successfully completed the first half of 2022–23. The Group has been able to draw from its own substantial cash reserves to meet operational demands, such as debt payments and obligations relating to the epidemic.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman, and Chief Executive, of Emirates Airlines and Group, said: “The Group’s record performance for the first six months of 2022-23 is the result of forward planning, agile business response, and the efforts of our talented and committed workforce.
“Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions. We were ready and amongst the first movers to serve the strong customer demand thanks to our robust business plans, the support of our industry partners, and our ongoing investments in people, technology, and products and services.
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