After the epidemic, long-haul airline Emirates makes $4.7 billion in profit in 2023.
Long-haul airline Emirates reports that in 2023, after the coronavirus pandemic hampered its operations for several years, the company fully recovered and generated record profits of $4.7 billion.
United Arab Emirates, or DUBAI — Emirates, a long-haul airline, revealed on Monday that it made record earnings of $4.7 billion in 2023, resuming full operations following the disruptive years caused by the coronavirus pandemic.
The government of Dubai owns Emirates, which reported $33 billion in sales last year as opposed to $29.3 billion the year before. $2.9 billion had been made last year.
In its fiscal year 2023, the airline carried 51.9 million passengers, up from 43.6 million the year before.
The chairman and CEO of Emirates, Sheikh Ahmed bin Saeed Al Maktoum, stated in a statement, “We saw high demand for air transport and travel related services throughout the year, and because we were able to move quickly to deliver what customers want, we achieved tremendous results.”
“We are benefiting from years of continuous investment in our services and products, solid partnerships, and the abilities of our talented workforce.”
The Emirates’ performance is in line with Dubai International Airport, their home airport. With 86.9 million passengers last year, the busiest airport in the world for international travel surpassed 2019 figures shortly before the coronavirus epidemic grounded international flights. Prior to the pandemic, 2018 saw 89.1 million passengers travel through the airport.
With $37.4 billion in revenue, the Emirates Group as a whole—which comprises the travel agency DNATA as well as food, beverage, and leisure holdings—reported $5.1 billion in earnings.
The entire firm announced a $1 billion dividend to its owner, the Investment Corporation of Dubai, the sheikhdom’s sovereign wealth fund.
At the height of the pandemic, the city-state—one of the seven autocratic, hereditarily controlled sheikhdoms that comprise the United Arab Emirates—provided the country with a bailout of about $4 billion. According to the annual report, Emirates paid back $2.6 billion of the debt in the most recent fiscal year.
Emirates revealed in November that it had signed a $52 billion contract to buy ninety Boeing 777 aircraft, of which thirty-five were 777-8s and fifty-five were 777-9s. Emirates has placed an order for thirty aircraft, but it will also be adding five more 787 Dreamliners.
For many years, Emirates has relied on the double-decker Airbus A380 and the Boeing 777 to transport passengers around the globe. That will alter in September, when Emirates claims to start operating Airbus A350s on scheduled flights.
Additionally, the airline has started a $2 billion aircraft retrofit program.
