The move comes after the company recorded its highest ever profit.
Emirates has announced a 24-week bonus for employees of over AED 10.6bn, the move comes following the announcement of the company recording its highest-ever profit of $3bn.
Emirates airline in Dubai has announced a groundbreaking achievement with annual profits reaching $3 billion, marking a remarkable milestone as their most profitable year to date. This record-breaking success was disclosed in the Emirates Group’s Annual Report for the 2022-23 period, signifying a complete transformation from the previous year’s loss position.
Emirates Group revealed an impressive revenue of $32.6 billion (AED 119.8 billion), attributing the substantial 81 percent surge to a resurgent consumer demand following the lifting of travel restrictions by various countries in 2022, thus propelling the airline’s remarkable financial performance.
The Emirates Group concluded the year 2022 with an unprecedented cash balance of $11.6 billion (AED 42.5 billion), marking the highest recorded amount in its history. This substantial cash reserve signifies the Group’s strong financial position.
Both Emirates and dnata, operating under the Group, experienced a remarkable surge in revenues across various travel-related sectors, including air transport, during the financial period.
In the fiscal year ending on March 31, 2023, the Emirates Group achieved a remarkable profit of $3.0 billion (AED 10.9 billion), showcasing a remarkable turnaround from the $1.0 billion (AED 3.8 billion) loss incurred in the previous year.
“I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97 percent year-on-year growth in international visitors for 2022,” Emirates airline and Group chairman, Sheikh Ahmed bin Saeed, said in a statement on Thursday.
“The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over US$ 47 billion (AED 172.5 billion).”