Talk about Japan Airlines , Turkish Airlines , Southwest Airlines or Singapore Airlines , major Airlines across the Globe are happily reporting profits for the current financial year , thanks to the strong demand and the easing , and removal of pandemic restrictions across the world.
Parent group of the Flag carrier of the Dubai — 'the Emirates Group' has announced its half-year results for its 2022-23 financial year. Emirates Believes , the Performance shows airline’s ability to meet strong passenger demand across regions with capacity ramp up and high-quality products.
The Group is reporting a 2022-23 half-year net profit of AED 4.2 billion (US$ 1.2 billion), a record half-year performance, and a turnaround of almost AED 10 billion from its AED 5.7 billion (US$ 1.6 billion) loss for the same period last year.
The Group also reported an EBITDA of AED 15.3 billion (US$ 4.2 billion), a marked improvement from AED 5.6 billion (US$ 1.5 billion) during the same period last year, illustrating its strong operating profitability.
Group revenue was AED 56.3 billion (US$ 15.3 billion) for the first six months of 2022-23, up 128% from AED 24.7 billion (US$ 6.7 billion) last year. This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.
The Group closed the 1st half year of 2022-23 with a strong cash position of AED 32.6 billion (US$ 8.9 billion) on 30 September 2022, compared to AED 25.8 billion (US$ 7.0 billion), as on 31 March 2022. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.
Chairman and Chief Executive , Emirates Airline and Group - Sheikh Ahmed bin Saeed Al Maktoum said,
“The Group’s record performance for the first six months of 2022-23 is the result of forward planning, agile business response, and the efforts of our talented and committed workforce.
“Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions. We were ready and amongst the first movers to serve the strong customer demand thanks to our robust business plans, the support of our industry partners, and our ongoing investments in people, technology, and products and services.
“For the coming months, we remain focussed on restoring our operations to pre-pandemic levels and recruiting the right skills for our current and future requirements. We expect customer demand across our business divisions to remain strong in H2 2022-23. However, the horizon is not without headwinds, and we are keeping a close watch on inflationary costs and other macro-challenges such as the strong US dollar and the fiscal policies of major markets.”
Sheikh Ahmed added:
“The Group expects to return to our track record of profitability at the close of our full financial year.”
In line with increased capacity and business activities, the Emirates Group’s employee base, compared to 31 March 2022, grew 10% to an overall count of 93,893 at 30 September 2022. Both Emirates and dnata have also embarked on targeted recruitment drives to support their future requirements.
Among other airlines, Turkish Airlines has generated a net profit of more than $1.5 billion in the third quarter of 2022, up 131.3% from the pre-pandemic period in 2019.
Ryanair Holdings has a prediction that it could earn between €1 billion and €1.2 billion profit in its current financial year, which ends on March 31st 2023 , if Covid or geopolitics cause no further shocks.
Another GCC carrier, Air Arabia has reported a net profit of Dh416 million for the three months ending September 30, 2022 , an increase of 99 per cent compared to Dh209 million in the year-ago period.
Southwest Airlines revealed its third-quarter results , reporting a net profit of $277 million , that's a record for the airline , making it the largest quarterly profit in the carrier’s history.
