Emirates Group, which owns Emirates Airlines, the official carrier in Dubai, reported a net loss for the financial year ending March 2022, supported by a significant increase in revenue and demand by easing corona epidemic controls.
According to a report on its official website, the company reported a loss of 3.8 billion dirhams ($ billion) for the year ended March, compared to a loss of 22.1 billion dirhams ($ 6 billion) over the corresponding period.
Emirates Airlines significantly reduced its loss to 3.9 billion dirhams ($ 1.1 billion) compared to 20.3 billion dirhams ($ 5.5 billion), while revenue rose 91% to 59.2 billion dirhams ($ 16.1 billion).
With the support of high demand, the group’s revenue increased 86% year-on-year to 66.2 billion dirhams ($ 18.1 billion).
Ahmed bin Saeed Al Maktoum, CEO of Emirates Airlines and Group, said:
The company received 3.5 billion dirhams ($ 953 million) from the Dubai government, which also benefited from industrial support programs and exemptions.
Al-Maktoum expects the company to become profitable in the 2022-2023 financial year, following the results of 2021-2022, which he described as the “return year”.
(Prepared by: Shaima Hefzi, Edited by: Yasmine Sale, Contact: yasmine.saleh@lseg.com)
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