The long-haul carrier Emirates today announced record profits of US$4.7 billion (NZ$7.8 billion) in 2023 as the airline fully took flight after the turbulent years of the coronavirus pandemic disrupted its operations.
Emirates, owned by Dubai's government, announced revenues of US$33 billion (NZ$54.9 billion), compared to US$29.3 billion (NZ$48.8 billion) the year before. Profit the year prior had been US$2.9 billion (NZ$4.8 billion).
The airline carried 51.9 million passengers in its 2023 financial year, as compared to 43.6 million the year prior.
"Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results," Sheikh Ahmed bin Saeed Al Maktoum, the chairman and CEO of Emirates said in a statement.
"We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people."
The Emirates' results track with those for its base, Dubai International Airport. The world's busiest airport for international travellers had 86.9 million passengers last year, surpassing numbers for 2019 just before the coronavirus pandemic grounded global aviation. The airport had 89.1 million passengers in 2018 — its busiest-ever year before the pandemic.
The overall Emirates Group, which includes travel company dnata, as well as food, beverage and leisure holdings, reported profits of US$5.1 billion (NZ$8.5 billion) off revenues of US$37.4 billion (NZ$62.3 billion).
The overall group declared a dividend to its owner, the sheikhdom's sovereign wealth fund known as the Investment Corporation of Dubai, of US$1 billion (NZ$1.7 billion).
The city-state, one of seven hereditarily ruled, autocratic sheikhdoms that make up the UAE, provided Emirates some US$4 billion (NZ$6.7 billion) in a bailout at the height of the pandemic. The annual report said Emirates had repaid US$2.6 billion (NZ$4.3 billion) of that loan during the last financial year.
In November, Emirates announced a US$52 billion (NZ$88.6 billion) deal to purchase 90 Boeing 777 aircraft, 55 of them 777-9 variants and 35 of them 777-8s. Emirates will also add an additional five 787 Dreamliners to its previous order of 30 aircraft.
For years, Emirates has relied on the Boeing 777 and the double-decker Airbus A380 to ferry passengers around the world. That will change in September, when Emirates says it will begin flying the Airbus A350 on routes.
The airline has also embarked on a US$2 billion (NZ$3.3 billion) retrofit program for its aircraft.
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