2023-05-11 10:08:11
The economic flagship of the Gulf emirate experienced “a full recovery as well as record results” in the 2022-2023 financial year, said its CEO, Sheikh Ahmed bin Saeed Al Maktoum, in a press release.
The airline made “the largest profit” in its history, raking in $2.9 billion alone, thanks to an 81% increase in revenue to $29.3 billion.
In the midst of the Covid-19 pandemic, Emirates had recorded record annual losses of $5.5 billion in 2020-2021, reduced to $1.1 billion the following financial year.
The group also owns Dnata, a service company at Dubai airport, one of the busiest in the world with more than 66 million travelers in 2022, more than double the previous year.
“We had anticipated a strong resumption of travel and when the latest restrictions were lifted, triggering a wave of demand, we were ready to rapidly expand our operations,” Sheikh Ahmed bin Saeed Al Maktoum said.
The company claims to have transported 43.6 million passengers during the past year, posting an occupancy rate of its planes of 78%.
The group has “invested $2 billion in new devices, equipment, companies and technologies to prepare the business for future growth”, and increased its workforce by 20% in one year, reaching 102,379 employees.
Alternative fuels
The Gulf giant faces increased competition from its neighbours, notably Saudi Arabia which plans to launch a second national carrier and is building a new airport.
But Emirates does not feel threatened, its chairman, Tim Clark, said earlier this month, stressing that the company has spent “35 or 36 years building its brand”.
As Dubai prepares to host the UN climate conference this year, Emirates has also announced the creation of a $200 million fund to finance research and development of alternative fuels and technologies aimed at to “reduce the impact of fossil fuels in the commercial aviation sector”.
The funds will be disbursed over three years, she said.
“While waiting to find viable solutions”, the carrier has undertaken to increase “as far as possible” its use of sustainable fuels, made from biomass or waste oils.
Pointed out by environmental activists, the 300 or so companies claiming 83% of global air traffic and united within the International Air Transport Association (Iata) plead for an increase in the global production of these fuels, which currently cover less than 0.1% of the sector’s needs.
In January, Emirates operated a first demonstration flight with a Boeing 777-300ER without passengers, powered by 100% sustainable fuel.
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