Emirates Group Reports Record Profit Amid Resurgence in Travel

Dubai-based Emirates Group reported its highest-ever profit of $3 billion in the financial year 2022-23, as passenger numbers more than doubled amid a resurgence in long-haul travel after the pandemic.

The group's revenue surged 81% to $33 billion, while passenger numbers rose 123% to 43.6 million. Emirates Airline, the group's flagship carrier, made a profit of $2.9 billion.

The strong results were driven by a number of factors, including the easing of travel restrictions, the return of business travel, and the continued growth of the Middle East economy. Emirates also benefited from the launch of its premium economy cabin and the return of six retrofitted Airbus A380s to service.

However, the group's costs also rose sharply, with fuel costs up 143% to $33.7 billion. Fuel accounted for over a third of the airline's entire costs over the year, up from 23% in the previous 12 months.

Despite the higher costs, Emirates Group CEO Sheikh Ahmed bin Saeed Al Maktoum said the group was "well-positioned" for the future.

"We have a strong balance sheet, a resilient business model, and a dedicated team that is committed to providing our customers with the best possible experience," he said.

Emirates has also announced the creation of a $200 million fund to invest in fuel and energy technologies over the next three years. The fund is the largest single commitment by an airline towards sustainability research and development.

"We are committed to reducing our environmental impact," said Emirates Airline President Tim Clark. "This fund will help us to accelerate the development of new technologies that will help us to decarbonize aviation."

Emirates is one of the world's largest airlines, with a fleet of over 260 aircraft. The group operates flights to over 150 destinations in 6 continents.