The Emirates Group has experienced a decrease in annual losses as a result of the Covid-19 outbreak and is forecasting a return to profit due to robust customer demand and fewer travel bans.
The group’s revenues soared 86 percent to $18.1 billion (AED 66.2 billion) in 2021-22, while the cash balance stood at $7 billion (AED 25.8 billion), up 30 percent from the previous year mainly due to strong demand across its core business divisions and markets.
The Emirates Group reported an annual loss of $1 billion (AED 3.8 billion) in its 2021-22 Annual Report for the financial year ending 31 March 2022, marking a significant improvement on losses of $6 billion (AED 22.1 billion) in the previous financial year.
The chairman and chief executive of Emirates airlines and the group, Sheikh Ahmed bin Saeed Al Maktoum, said: “This year, we focused on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets. Business recovery picked up the pace, particularly in the second half of the year.
“Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance.”
Sheikh Ahmed added: “The health and safety of our people and customers remained a key priority as the world navigated its second full year of the pandemic. Across Emirates and dnata, we responded to dynamic market conditions with agility, and introduced innovative products and services to meet our customers’ needs and provide them with the best possible experience.”
