Loss Falls To $1.6bn | Emirates H1 Revenue Up 81pc to $6.7bn
DUBAI: Emirates Group has reported a revenue increase of 81% to AED24.7 billion ($6.7 billion) for the first half of its 2021-22 financial year, and a net loss of AED5.7 billion ($1.6 billion) compared to a loss of AED14.1 billion ($3.8 billion) during the same period last year.
The 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 programs, it said.
It also reported an EBITDA of AED5.6 billion, a dramatic turnaround from a negative AED43 million EBITDA during the same period last year, illustrating its strong return to operating profitability.
The Group continued to maintain a healthy cash position which stood at AED18.8 billion on September 30, 2021, compared to AED19.8 billion as of March 31, 2021.
Emirates Airline and Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said: “As we began our 2021-22 financial year, Covid-19 vaccination programs were being rolled out at unprecedented scale around the world. Across the Group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season.
“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.
The Emirates Group 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 unprecedented challenges wrought on the aviation and travel industry by Covid-19. In the first half of 2021-22, its owner injected AED2.5 billion into Emirates by way of an equity investment and they continue to support the airline on its recovery path.