Emirates airline sees profits soar to $4.7bn as it takes flight after pandemic

Long-haul carrier Emirates has reported a record profit of $4.7billion in 2023, bouncing back after the turbulence caused by the Covid-19 pandemic.

The Dubai government-owned airline announced revenues of $33billion, up from $29.3billion the previous year, when profits were $2.9billion. In its 2023 financial year, Emirates carried 51.9 million passengers, an increase from 43.6 million the year before.

“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,” said Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates.

“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 success of Emirates mirrors that of its base, Dubai International Airport.

The world’s busiest airport for international travellers welcomed 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 Emirates Group, which includes travel company dnata and various food, beverage and leisure holdings, has reported profits of $5.1billion from revenues of $37.4billion. The group declared a dividend of $1billion to its owner, the Investment Corporation of Dubai, which is the city-state’s sovereign wealth fund.

During the height of the pandemic, the city-state, one of seven autocratic sheikhdoms that makeup the UAE, provided Emirates with a bailout of $4billion. The annual report revealed that Emirates repaid $2.6billion of this loan in the last financial year.

In November, Emirates announced a deal worth $52billion to purchase 90 Boeing 777 aircraft, including 55 777-9 variants and 35 777-8s. In addition to this, Emirates will add five more 787 Dreamliners to its previous order of 30 aircraft. Emirates has traditionally relied on the Boeing 777 and the double-decker Airbus A380 to transport passengers globally.

However, this will change in September when Emirates begins flying the Airbus A350 on its routes. The airline has also launched a $2billion retrofit program for its aircraft.