Emirates has cut its annual loss by 80 per cent to $1.1 billion as the Dubai-based airline added capacity and reinstated more flights.
The airline is now serving more than 140 destinations as Emirates rebuilds its network following the Covid-19 pandemic. This includes flying its flagship A380 superjumbo aircraft to 29 destinations.
Emirates’ revenue rose by 91 per cent to $16.1 billion during the financial year up to 31 March 2022 compared with the previous year. Operating costs also increased by 30 per cent to $3.8 billion year-on-year as its fuel bill doubled due to the expansion in capacity and a 75 per cent rise in the average fuel price.
During this financial year, Emirates also received its final five A380 aircraft, featuring its first premium economy cabin, with these seats due to go on sale next month.
Emirates’ parent company Emirates Group, which also includes ground handler and tour operator dnata, has cut its losses by 83 per cent from $6 billion to $1 billion during the year, with revenue going up by 86 per cent to $18.1 billion thanks to higher travel demand.
Ahmed bin Saeed Al Maktoum, CEO of Emirates Airline and Group, said: “This year, we focused on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets.
“Business recovery picked up pace particularly in the second half of the year. Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance.
“2021-22 was also a significant year as the UAE (United Arab Emirates) marked its 50th anniversary and hosted the world at Expo 2020 Dubai which generated increased global engagement and visitation to the UAE.”
He added that the plan was to “build back better and stronger” in the coming year when the group expects to return to profitability.
“We are working hard to hit our targets, while keeping a close watch on headwinds such as high fuel prices, inflation, new Covid-19 variants, and political and economic uncertainty,” he said.