Long-haul carrier Emirates sees highest-ever profit in 2022 of $2.9b after pandemic grounded flights

Long-haul carrier Emirates saw its most-profit year ever in 2022, earning $2.9b after bouncing back from the coronavirus pandemic shutting down global aviation, the airline announced Thursday. The carrier’s revival comes as Dubai, which owns the airline, has seen property prices skyrocket and people flood into the city-state in the United Arab Emirates as it lifted pandemic restrictions quickly and welcomed Russians fleeing Moscow’s war on Ukraine. Emirates’ annual report put revenue for the carrier at $29b in 2022, up 81% from 2021′s figures of $16b. That drastic swing comes after the airline reported a $1.1b loss in 2021. The city-state, one of seven hereditarily ruled, autocratic sheikhdoms that make up the UAE, provided Emirates some $4b in a bailout in the depths of the pandemic. Even today as travel has bounced back, the carrier still has some of its double-decker Airbus A380s still parked, awaiting mechanics to be able to fly again. “We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers,” said Sheikh Ahmed bin Saeed Al Maktoum, the chairman and CE of Emirates. The report said Emirates has repaid just over $2b in other loans taken from financial institutions during the pandemic, putting the total loan amount from outside of the government at $4.7b. The overall Emirates Group, which includes travel company dnata, as well as food, beverage and leisure holdings, reported profits of nearly $3b off revenues of $32.6b. The overall group declared a dividend to its owner, the sovereign wealth fund Investment Corporation of Dubai, of $1.2b.<br/>