Emirates, the world's largest long-haul airline, swung to a record annual profit on strong travel demand as governments reopened international borders and lifted pandemic-related restrictions.
The airline posted a Dh10.6 billion ($2.9 billion) profit in the fiscal year that ended on March 31, compared with a Dh3.9 billion loss in the previous year, Emirates said on Thursday.
Revenue jumped 81 per cent to Dh107.4 billion, as the airline more than doubled the number of passengers carried, restored most of its global network and reinstated more passenger flights after the lifting of Covid-19 travel restrictions.
The airline carried 43.6 million passengers, up 123 per cent from last year, it said.
“We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers,” Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group, said.
“As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23.
“This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”
The most profitable year at Emirates, the world's largest long-haul carrier, underscores the fast pace of its recovery from pandemic-induced losses as it quickly increased its operations to meet the surge in passenger demand.
The airline is currently flying its full fleet of Boeing 777s and 86 of its 116 Airbus A380 superjumbos. Emirates is likely to recover to its pre-pandemic network in the summer of next year after returning all its A380s to the skies, it said last week.
"The growth and success of Emirates has been at the heart of Dubai's rise as an aviation leader," said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
"The airline’s vast reach has also helped Dubai strengthen its global role as a bridge between markets and cultures."
Emirates' seat factor, a measure of how well an airline fills available seats, grew to 79.5 per cent, up from 58.6 per cent last year. Passenger yields climbed 7 per cent due to a change in cabin and route mix, fares and currency, it said.
Last year's profit margin of 9.9 per cent reflects its best performance on record, Emirates said.
Separately on Thursday, Emirates said it has earmarked $200 million to fund research and development projects focused on advanced fuel technologies that can reduce commercial aviation's environmental impact.
The airline will identify partnerships with major organisations working on these solutions and the funds will be disbursed over three years, it said.
Dividend and debt payments
Emirates Group, which includes global airport services company Dnata, swung to a record annual profit of Dh10.9 billion, from a Dh3.8 billion loss in the previous year.
"Over the next decade, as Dubai seeks to expand its economic footprint, the Emirates Group will play an instrumental part in adding more cities to its foreign trade network and opening new economic corridors," said Sheikh Mohammed.
Group revenue jumped 81 per cent year-on-year to Dh119.8 billion. Cash balance shot up 65 per cent on an annual basis to Dh42.5 billion, its highest ever, mainly due to strong demand across its core business divisions and markets, it said.
The group said it will pay its owner, the Investment Corporation of Dubai (ICD), a dividend of Dh4.5 billion for the fiscal year and will also prematurely repay Dh3 billion of debt raised during the Covid-19 pandemic, it said.
Emirates' total workforce increased by 20 per cent to 102,379 employees.
Air cargo and ground-handling performance
Dnata's cargo and ground handling, catering and retail, and travel services businesses recovered strongly from the pandemic, tripling annual profit to Dh331 million.
With growing flight and travel activity worldwide, dnata's total revenue increased 74 per cent to Dh14.9 billion. Its investments in the last fiscal year amounted to Dh467 million.
In terms of air freight, Emirates' cargo arm reported a 21 per cent decline in revenue of Dh17.2 billion, due to last year’s "exceptional performance" caused by the pandemic, it said.
Emirates SkyCargo contributed 16 per cent of the airline’s revenue despite a reduction in available capacity as aircraft that were temporarily converted into "mini freighters" during the pandemic returned to full passenger service, it said.
Positive outlook
Looking ahead, Emirates Group expects to remain profitable in the financial year that began in April, while monitoring global economic conditions, Sheikh Ahmed said.
"We go into 2023-24 with a strong positive outlook and expect the group to remain profitable," he said.
"We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty."
The airline's outlook is aligned with similar growth predictions by travel and tourism stakeholders in the emirate.
Earlier this week, Dubai Airports chief executive Paul Griffiths told The National that the hub could exceed 2019 passenger traffic levels this year as a surge in travel demand defies stubbornly elevated ticket prices.
The airport could end the year with more than 90 million annual passengers, topping the 86.4 million handled in 2019, if it hits an average of 7.5 million monthly travellers through the remainder of 2023, he said.
Similarly, Dubai's tourism chief told The National last week that the emirate aims to exceed the pre-pandemic annual number of international visitors this year.
Dubai recorded 14.3 million international visitors in 2022, inching closer to the 16.7 million tourists in 2019, according to DET statistics.
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
CHATGPT%20ENTERPRISE%20FEATURES
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
UAE currency: the story behind the money in your pockets
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Mohammed bin Zayed Majlis
ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
Company%20profile
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
KILLING OF QASSEM SULEIMANI
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
