Emirates Group reports record cash balance and strong growth in FY22-23, driven by global demand and expansion plans
Emirates Group, the largest aviation player in the UAE, reported a record-high cash balance of USD 11.6 billion for the financial year ended 31 March 2023, up 65% from the previous year. The significant increase in cash balance was attributed to strong demand across its core business divisions and markets, particularly as almost all pandemic-related travel restrictions were removed. The Group’s revenue also saw significant increases, as it expanded its air transport and travel-related operations in line with the lifting of pandemic-related flight and travel restrictions.
According to an official statement, both Emirates and dnata, its travel and air services provider, saw significant revenue increases in 2022-23. Emirates’ total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs, as the airline continued to reinstate passenger services across its network. The airline’s performance was particularly noteworthy given the pandemic-related restrictions that had significantly affected the aviation industry over the past two years.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, expressed his pride in the Group’s performance, noting its contribution to the restoration of air transport and tourism across the markets it serves. In addition, he highlighted Dubai’s astounding 97% year-on-year growth in international visitors for 2022.
The Group also declared a dividend of USD 1.2 billion to its owner ICD, the Investment Corporation of Dubai, and repaid USD 817 million of debt raised during the COVID-19 crisis, partly ahead of maturity. With its growth plans in line with the Dubai Economic Agenda D33, the Group expects to significantly increase its contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spend, and trade and commerce benefits from the movement of cargo.
However, the Group’s total operating costs increased by 57% from the previous financial year, with fuel cost accounting for 36% of operating costs compared to 23% in 2021-22. The airline’s fuel bill increased by 143% to USD 9.2 billion compared to the previous year, due to a higher uplift of 49% in line with capacity expansion and a higher average fuel price, which was up by 48%.
Despite the significant increase in operating costs, the Group invested USD 2 billion in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. This is a strategic move aimed at capturing future opportunities in the aviation and travel industries, which are expected to continue to grow as more countries remove pandemic-related travel restrictions.
The Emirates Group is a significant player in the UAE’s aviation sector, supporting over 770,000 jobs and generating an estimated contribution to GDP of over USD 47 billion (AED 172.5 billion). With its strong financial position and growth plans, the Group is well-positioned to continue contributing significantly to the UAE’s economy and to the restoration of air transport and tourism globally.
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