Emirates has announced its 2022/23 results and reported an annual profit of US $3 billion. Not only is this a fantastic result for the company, but it is also a new profit and revenue record.
The company says revenue increased by 81% year on year to US $32.6 billion due to their significant turnaround plans, restrictions being eased, and the company moving ahead with reinstating key routes globally.
Airline capacity also significantly increased by 32% to 48.2 billion ATKMs.
With a profit of USD 3 billion, this is a significant jump from the previous year’s performance which saw losses tally US $1.1 billion compared to when they were still weathering the storm of the pandemic.
In 2022/23, Emirates grew its network once more in both a passenger and cargo capacity sense. They were deploying their flagship double-decker Airbus A380 to more cities. The Airbus A380 network stretches to 43 destinations as of March.
The airline notes it phased out two Airbus A380s, one 777-300ER, and lastly, one of its freighters, which meant as of March, their total units stood at 260 units comprising an average age of 9.1 years.
While this is a young fleet, Emirates will already consider new equipment to drive them forward. Notoriously Emirates likes to keep its average fleet age young and, therefore, won’t hesitate to retire units likely before other airlines in the industry would if in a similar position.
With 200 aircraft in its order books, including more freighters, the company is excited that the following years will bring new route possibilities and the mission to continue to grow.