Emirates announces ‘significantly reduced’ loss of $1.1 billion

Emirates airline announced a “significantly reduced” annual loss of $1.1 billion on Friday. The airline said the loss was five times lower than a year earlier.

Losses in the 2021-22 financial year through March were 3.9 billion dirhams ($1.1 billion). Revenues increased by 91%.

Emirates is the largest carrier in the Middle East. He said he received a capital injection of $954 million from the government of Dubai, which owns the carrier.

“This year, we have focused on restoring our operations quickly and safely wherever pandemic-related restrictions have eased in our markets,” said its chairman and CEO, Sheikh Ahmed bin Saeed Al-Maktoum.

“The business recovery accelerated, particularly in the second half of the year. Strong customer demand led to a huge improvement in our financial performance from our unprecedented losses last year and we strengthened our strong cash position.”

In a statement on Friday, Emirates said the whole group – which includes ground handling company Dnata – recorded an annual loss of 3.8 billion dirhams ($1.0 billion), but with revenue up 86% and “strong customer demand”.

During the financial year, Emirates carried 19.6 million passengers, compared to 6.6 million in the same period a year earlier.

“2021-22 was also an important year as the UAE celebrated its 50th anniversary and welcomed the world to Expo 2020 Dubai, which generated increased global engagement and visits to the UAE,” Sheikh said. Ahmad.

(With agency contributions)

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