Emirates Group announced the expansion of global freight traffic to various destinations including Tanzania, Germany, Canada and Brazil.
Emirates Group, a state-owned international aviation holding company based in Dubai, released its 2022-2023 financial results. According to the announcement, Emirates achieved a record annual profit of AED10.9 billion, approximately $3 billion. After registering a sharp decline in operations during the previous year due to COVID-19 related constraints, the airline service company is impacted from FY 2022-2023.
Emirates and its record results
Emirates Group announced that its annual revenue increased by almost 81 percent to AED119.8 billion, or about $32.6 billion. As a result, Emirates Group ended the financial year with its highest-ever cash balance of AED42.5 billion, or approximately $11.6 billion.
In this regard, Emirates Group has since declared a dividend of AED 4.5 billion, or about $1.2 billion, to its owner Investment Corporation of Dubai (ICD). The airline attributes its success to the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airlines and Group.
“The Group is the largest player in the UAE’s aviation sector, supporting more than 770,000 jobs and contributing to a GDP of over US$47 billion (AED172.5 billion),” said Emirates Group CEO.
As a state-owned organization, Emirates Group received tremendous support in debt to maintain its huge fleet and workforce during the COVID pandemic.
“Our ongoing investments in our brand and our products and services have helped drive customer preference and position us favorably in the market,” Sheikh Ahmed said. noted,
Emirates Group Market Outlook
Emirates Group continued to restructure its airline operations in order to attract more passengers and cargo transport. For the fiscal year ending March 31, 2023, Emirates Group announced global cargo shipments to various destinations including Tanzania, Germany, Canada and Brazil. As a result, the group anticipates reporting even better results for the coming financial year as all COVID-19 restrictions have already been lifted.
“We are going into 2023-24 with a strong positive outlook and expect the group to remain profitable. We will work hard to achieve our target keeping a close eye on inflation, high fuel prices and political and economic uncertainty.
Following an increase in business operations, the group announced a 20 percent increase in the total number of employees of various nationalities to 102,379 employees. Emirates Group also plans to continue its professional recruitment spree as it intends to add more multi-billion dollar aircraft.
According to the announcement, the Dubai-based airline received two new 777 freighter aircraft and intends to add five additional Boeing 777-300ERs. In addition, the airline announced that it carried 43.6 million passengers during the financial year 2022-2023, representing a growth of 123 percent.
Other business news can be found Here,
Let’s talk crypto, metaverse, NFTs, Sedefi, and stocks, and focus on multi-chain as the future of blockchain technology. Let us all win!
Bitcoin Crypto Related Post