Business

Ease in global travel restrictions boosts Emirates’ revenue

The Emirates Group’s revenue was $ 6.7 billion in its half-year results for FY 2021-22, up 81% from $ 3.7 billion during the same period last year.

According to the company, this strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their Covid-19 vaccination programmes.

The group reported a 2021-22 half-year net loss of $ 1.6 billion, substantially improved from its $ 3.8 billion loss for the same period last year.

The group also reported an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $ 1.5 billion, a dramatic turnaround from a negative $ 12 million EBITDA during the same period last year, illustrating its strong return to operating profitability.

“Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services. While there’s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021-22,” the company said.

The Emirates Group stated that it has been able to tap on its own cash reserves, and access funding through its owner and the broader financial community to support its business needs through the challenges wrought on the aviation and travel industry by Covid-19.

The Emirates Group’s employee base dropped marginally by 2% to an overall count of 73,571 at 30 September 2021, compared to 31 March 2021.

During the first six months of FY 2021-22, Emirates took delivery of two new A380s and retired two older aircraft from its fleet as part of its long-standing strategy to improve overall efficiency, minimise its emissions footprint, and provide high-quality customer experiences.