In the recent development of events, the half-year report of the financial year 2021-22 has been announced by Emirates Group on Wednesday. The first six months of the financial year 2021-22 witnessed a group revenue of AED 24.7 billion (US$ 6.7 billion) which was AED 13.7 billion (US$ 3.7 billion) for the same time frame last year. The significant recovery in revenue is being credited to ease of travel restrictions as the covid graph has been going down consistently and more passengers are returning for air travel.
The Recovery of the Emirates Airline
When the whole world faced the devastating impact of Covid 19, Emirates found itself lucky enough to have solid cash reserves. Emirates also found funding from its owner during the time of crisis and support from the broader financial community when the unexpected turn of events devastated the whole aviation and travel industry. In order to support the airline on its journey of recovery, the owner has already injected around AED 2.5 billion (US$ 681 million) using an equity investment.
Talking about Emirates Airlines, the entity has been constantly focusing on improving its overall efficiency and minimizing emission footprints to better its customer experience. In light of this, the airline purchased 2 new A380s and retired 2 older aircraft from its fleet during the first half of 2021-22.
Emirates have been quick on their feet ever since the travel restrictions began to ease with a clear focus on restoring passenger network and connections through its hub at Dubai. They came up with new flights to new destinations such as Miami which was added to the list of its destinations in the month of July. During the first half of the financial year 2021-22, Emirates also initiated codeshare agreements and interline partnerships to strengthen its overall network.
The revenue has gone up for Emirates by 86% to AED 21.7 billion (US$ 5.9 billion) as compared to the recorded revenue of the last year for the same time frame which was AED 11.7 billion (US$ 3.2 billion). The loss faced by Emirates amounted to AED 5.8 billion (US$ 1.6 billion) which was less than the last year’s loss of AED 12.6 billion (US$ 3.4 billion). The data clearly indicates the recovery of the travel industry and increase in travel demand by the passengers as and when the travel restrictions began to ease around the world.