Skip to content Skip to Search
Skip navigation

Emirates soars to its most profitable year

Emirates airline Emirates
Dubai’s flagship carrier reported a profit of AED10.6bn ($2.9bn) over the last 12 months
  • Record profit comes despite 57% rise in operating costs
  • Fuel bill surged 143% to AED33.7bn
  • Emirates carried 43.6m passengers, up 123%

Emirates airline has recorded the most profitable 12 months in its 38-year history, despite operating costs soaring 57 percent.

Dubai’s flagship carrier reported a profit of AED10.6 billion ($2.9 billion) over the last 12 months, a turnaround from a loss of AED3.9 billion in the previous financial year. 

The return to the black was a result of revenue rising 81 percent year-on-year to AED107.4 billion as the airline’s capacity increased 32 percent. Its profit margin was 9.9 percent.

The airline’s fuel bill surged 143 percent to AED33.7 billion – 36 percent of total costs, up from 23 percent in 2021-22.

Earlier this week Dubai Airports reported a 55.8 percent increase in passenger traffic in the first quarter of this year, reaching 95.6 percent of 2019 pre-pandemic levels.

Dubai International Airport (DXB), the world’s busiest international airport, reported around 21.3 million passengers in the first three months of 2023, the operator said.

Emirates carried 43.6 million passengers in the last year, a year-on-year increase of 123 percent.

Average seat factor was 79.5 percent in the last 12 months, compared to 58.6 percent the year before, leading to a 7 percent increase in average yield per passenger of AED0.375.

The company's holding group declared a dividend of AED4.5 billion to its owner, the Investment Corporation of Dubai, which is the emirate’s sovereign wealth fund.

Emirates also announced in its results that it had repaid the AED3 billion debt raised during the Covid pandemic ahead of maturity.

Dnata, the airline's sister company focused on aircraft and airport services, reported a profit of AED331 million, up from AED110 million the year before, as revenue rose 74 percent to AED14.9 billion.

Sheikh Ahmed bin Saeed Al Maktoum, CEO of the airline, said the group supports 770,000 jobs and generates an estimated contribution to GDP of AED172.5 billion. 

“We go into 2023-24 with a strong positive outlook and expect the group to remain profitable," Sheikh Ahmed said.

"We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty,”

Emirates flies to 150 destinations across six continents using a fleet of 260 aircraft. The wider group employs 102,379 employees, a year-on-year increase of 20 percent. 

Latest articles

The under-construction Golden Pass LNG facility in Texas

Builder of Qatar-Exxon LNG facility files for bankruptcy

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […]

The new East Africa cloud service will give customers access to secure, high-speed cloud and AI services across the region

G42 and Microsoft to invest $1bn in Kenya data centre

Abu Dhabi-based artificial intelligence (AI) company G42 has partnered with US tech giant Microsoft to invest $1 billion in a green data centre in Kenya. The data centre, which will be built by G42 and its partners, will provide access to Azure – a computing platform developed by Microsoft – through a new East Africa cloud region. […]

The Adnoc Drilling head office. Adnoc will not be able to sell any more of its stake for at least six months

Adnoc Drilling successfully floats further stake

Abu Dhabi state oil company Adnoc has successfully placed a further 5.5 percent of listed subsidiary Adnoc Drilling, increasing the company’s free float to 16.5 percent. The sale of an additional 880 million shares through a book-building process will boost trading of Adnoc Drilling’s stock on Abu Dhabi’s bourse. Adnoc restricted the share sale to […]

John Kirby, the White House national security communications adviser, said Saudi Arabia and the US were 'closer than we’ve ever been' to a deal

Saudi Arabia ‘close’ to US defence pact and arms deal

Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week.  John Kirby, the president’s national security spokesperson, said on May 20 that the […]