Yesterday, the Emirates Group released its financial report for the financial year (2022-2023), heralding one of its most profitable years ever, thanks to strong demand across all its businesses.
Reporting for the financial year ending March 31, 2023, Emirates Group posted a record profit of 10.9 billion dirhams and revenues of 119.8 billion dirhams, 81% higher than last year, while the group’s cash reserves stood at 42.5 billion dirhams, 65% higher than the previous year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, praised what he described as the “extraordinary achievements” of Emirates Airlines, describing it as representing the spirit of Dubai.
Dubai spirit
His Highness Sheikh Mohammed bin Rashid Al Maktoum said in a tweet to His Highness on Twitter: “(Emirates Airlines) announced its annual financial results… 10.9 billion dirhams in profit… 119.8 billion dirhams in revenue… passengers 43 million passengers… and 102 thousand employees, the most profitable year ever after the worst global crisis the global aviation industry has faced in the last three years. And His Highness continued, “(Emirates Airlines) represents the spirit of Dubai.. Crises make us stronger.. Years emphasize global leadership.”
New status
In Emirates Group’s 2022-2023 Annual Report, Sheikh Mohammed bin Rashid Al Maktoum said, “After all key sectors delivered remarkable performance last year, Dubai’s economy today is at the cusp of new economic growth and recorded strong growth.” New evidence of the great flexibility that Dubai enjoys and its well-established economy in the face of changes that negatively impact global economies.
Dubai has written new success stories, cementing its leadership in innovation, providing real added value, and maintaining its position as a major attraction for foreign direct investment, especially in sectors related to the future. Its open approach and strong partnerships between the public and private sectors.” Within a dynamic business environment that has leveraged the emirate’s differentiation factors
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And His Highness continued: “In 2022, Dubai has chosen to forge new growth paths with the aim of cementing its position as a leading and inspiring global economic model. So, earlier this year, we launched with ambitious goals (Dubai Economic Agenda D33) aimed at doubling the economy and making Dubai one of the world’s three most important economic cities by 2033.
Aviation sector
His Highness continued: “The aviation industry is undoubtedly the fundamental pillar of Dubai’s economy, and the main axis of our vision of its contribution to building the future of the world. From this standpoint, we have increased our strategic investments in this sector and continue to build one of the largest aviation industry axes in the world. ( (Emirates Airlines) success and its growing position among major international airlines have been a key component of the economic boom Dubai has seen over the decades, and its wide spread has helped develop Dubai’s global role as a key bridge connecting different markets and cultures.
Exceptional achievements
Sheikh Mohammed bin Rashid Al Maktoum said: “We appreciate the outstanding achievements of Emirates Airlines, which has carried approximately 720 million passengers and 38 million tonnes of cargo to Dubai over the past 30 years. Together with its partners, it offers trips to more than 500 cities, facilitating communication between people around the world and connecting them to our city through its vast network.
His Highness added: “While numbers are an accurate tool for measuring value, they alone cannot convey the extent of the positive impact (Emirates Airlines) has made on the world by consistently setting new benchmarks. Dubai’s approach and commitment to the aviation industry is a testament to its commitment to continuing to raise the bar of expectations.” , accelerating its progress into the global best race.
New horizons
Expressed his faith in “Emirates Airlines”. We look forward to increasing contributions to opening up new economic frontiers, paving the way for greater trade and investment relations with the world, achieving greater success in Dubai and the UAE, and strengthening the Group’s cooperation (The Emirates Group). Together with its partners, it aims to reshape the future of travel and have a more positive impact on the lives of people and communities around the world.
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Mohammed Ben Rachet:
“The remarkable performance of Dubai’s economic sectors is new evidence of the great flexibility Dubai enjoys and its well-established economy in the face of changes that negatively impact global economies.”
“The success of (Emirates Airlines) and its growing position among the major international airlines has been a key component of the economic boom that Dubai has seen over the decades.”
“The aviation sector is a fundamental pillar of Dubai’s economy and a key axis of our vision for its contribution as an active partner in building the world’s future.”
State Vice President:
“Dubai’s economy is today at the cusp of a new phase of economic growth, and its key sectors have delivered remarkable performance and recorded strong growth over the past year.”
7.2 billion in new investments
In the financial year (2022/2023), Emirates Group invested a total of 7.2 billion dirhams in aircraft, facilities, equipment, new companies and the latest technologies to prepare for future growth.
Among its multibillion-dollar commitments are a major program to modernize aircraft cabins, an order to buy five new 777 freighters, construction of a new pilot training center, and the opening of the world’s largest vertical farm in Dubai with Grab One. Training aircraft, dnata acquired 30% stake in Brazil for full ownership of ground handling operations and construction of a new state-of-the-art cargo facility in Erbil, Iraq.
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