February 7, 2023

Dubai Week

Complete Dubai News World

High demand reduces losses for Emirates Airlines and the company that owns it

High demand reduces losses for Emirates Airlines and the company that owns it

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: [email protected])
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