Dubai’s Emirates airlines says it reports a record $3 billion annual profit

Dubai’s Emirates airline on Thursday said financial year 2022-23 had been its most profitable so far, reporting an annual profit of 10.9 billion dirhams ($3 billion) and a group revenue increase of 81 percent.

The state-owned carrier had posted an annual loss of $1.1 billion for 2021-22, following a $5.5 billion loss the year before that.

The airline had made a “full recovery” since the hit to demand caused by the pandemic, Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said.

“As the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly,” he said.

The state-owned airline said it filled 79.5 percent of seats flown, up from 58.6 percent a year earlier, and was now flying to 150 destinations from more than 140 last year.

Emirates also said it had committed $200 million to a research fund focusing on reducing the impact of fossil fuels in commercial aviation, because hitting net zero emissions targets would not be possible with currently available options.