Emirates, a prominent global airline, just announced financial results for the first half of FY23. The revenue increased 131% to AED 50.1 billion, and the profit of AED 4.0 billion compared to AED 5.8 billion loss for the same period last year.
Emirates Continued to Restore Network
Emirates has continued to prioritize the restoration of its global passenger network and connections via its Dubai hub, resuming services and adding flights to meet customer demand across markets.
Emirates took delivery of two new Boeing 777 freighters and returned one older freighter from its fleet during the first six months of 2022-23, as part of its long-standing strategy to reduce emissions and operate modern, efficient aircraft. With new passenger aircraft not expected until 2024, Emirates launched a multibillion-dollar programme this month to retrofit 120 aircraft with the latest cabin interiors and products. Emirates intends to launch its Premium Economy product on five additional routes before the end of 2022-23, as more aircraft outfitted with these popular seats are added to its retrofit programme.
Between 1 April and 30 September 2022, Emirates carried 20.0 million passengers, an increase of 228% over the same period last year. Emirates Sky cargo lifted 936,000 tonnes in the first six months of the year, a 14% decrease from the same period last year, as the airline shifted capacity back to passenger operations from its "mini-freighters."
Emirates profit for the first half of 2022-23 reached a new high of AED 4.0 billion , compared to a loss of AED 5.8 billion the previous year. The airline's strong turnaround performance is driven by high passenger demand for international travel across markets, and it demonstrates the airline's ability to plan ahead to meet demand, activate capacity, and attract customers with its high-quality products and value proposition.
Emirates' operating costs increased by 73% against a 40% increase in overall capacity, primarily due to a significant increase in fuel costs, which more than tripled compared to the same period last year. This was primarily due to a 65% increase in fuel due to increased flight operations, as well as a doubling of average oil prices during this time period.