The Emirates Group today announced its half-year results for its 2021-22 financial year.
Group revenue was AED 24.7 billion (US$ 6.7 billion) for the first six months of 2021-22, up 81% from AED 13.7 billion (US$ 3.7 billion) during the same period last year. 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 is reporting a 2021-22 half-year net loss of AED 5.7 billion (US$ 1.6 billion), substantially improved from its AED 14.1 billion (US$ 3.8 billion) loss for the same period last year.
The Group also reported an EBITDA of AED 5.6 billion (US$ 1.5 billion), a dramatic turnaround from a negative AED 43 million (US$ 12 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 AED 18.8 billion (US$ 5.1 billion) on 30 September 2021, compared to AED 19.8 billion (US$ 5.4 billion) as on 31 March 2021.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “As we began our 2021-22 financial year, COVID-19 vaccination programmes 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 and beyond.’’
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