Long-haul carrier Emirates sees $4.7 billion profit in 2023 as airline takes flight after pandemic

Dubai, United Arab Emirates — Long-haul airline Emirates announced on Monday that it made record profits of $4.7 billion in 2023, as the airline fully took off after the turbulent years of the coronavirus pandemic disrupted its operations.

Emirates, owned by the Dubai government, announced revenue of $33 billion, compared to $29.3 billion a year earlier. The previous year’s profit had been $2.9 billion.

The airline carried 51.9 million passengers in its 2023 financial year, up from 43.6 million the previous year.

“Throughout the year, we saw huge demand for air transportation and travel-related services around the world, and because we were able to act quickly to deliver what customers want, we achieved tremendous results,” said Sheikh Ahmed bin Saeed Al Maktoum, president and CEO of Emirates said in a statement.

“We are reaping the benefits of years of continued investments in our products and services, in building strong partnerships and in the capabilities of our talented people.”

Emirates’ results match those of its base, Dubai International Airport. The world’s busiest airport for international travelers had 86.9 million passengers last year, surpassing the numbers for 2019, just before the coronavirus pandemic paralyzed global aviation. The airport had 89.1 million passengers in 2018, its busiest year before the pandemic.

The broader Emirates Group, which includes travel company dnata as well as food, beverage and leisure properties, reported profits of $5.1 billion on revenue of $37.4 billion.

The group as a whole declared a dividend to its owner, the sheikh’s sovereign wealth fund known as the Dubai Investment Corporation, of $1 billion.

The city-state, one of seven autocratic and hereditarily ruled sheikhdoms that make up the United Arab Emirates, provided the Emirates with about $4 billion in a bailout at the height of the pandemic. The annual report said Emirates had repaid $2.6 billion of that loan during the last financial year.

In November, Emirates announced a $52 billion deal to buy 90 Boeing 777 aircraft, 55 of them 777-9 variants and 35 of them 777-8s. Emirates will also add five additional 787 Dreamliners to its previous order of 30 aircraft.

For years, Emirates has relied on the Boeing 777 and double-decker Airbus A380 to transport passengers around the world. That will change in September, when Emirates says it will begin flying the Airbus A350 on its routes.

The airline has also embarked on a $2 billion aircraft modernization program.