Emirates Group announces half-year performance for 2021-22

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Dubai, Nov. 10 (BNA): The Emirates Group today announced its half-year results for its 2021-22 financial year.


Group revenue was AED 24.7 billion ($6.7 billion) for the first six months of 2021-22, up 81% from AED 13.7 billion ($3.7 billion) during the same period last year, the Group said.


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 ($1.6 billion), substantially improved from its AED 14.1 billion ($3.8 billion) loss for the same period last year.


The Group also reported an EBITDA of AED 5.6 billion ($1.5 billion), a dramatic turnaround from a negative AED 43 million ($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 ($5.1 billion) on 30 September 2021, compared to AED 19.8 billion ($5.4 billion) as on 31 March 2021.


"As we began our 2021-22 financial year, COVID-19 vaccination programs were being rolled out at unprecedented scale around the world," Chairman and Chief Executive, Emirates Airline and Group, Shaikh Ahmed bin Saeed Al Maktoum said.


"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.


"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 is 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 Emirates Group has been able to tap on its own strong 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 further injected AED 2.5 billion ($681 million) into Emirates by way of an equity investment and they continue to support the airline on its recovery path.


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


In line with the expected ramp up in capacity and business activities in the coming months, Emirates and dnata have embarked on targeted recruitment drives to support its requirements, prioritizing the rehiring of employees previously on furlough or made redundant.


During the first six months of 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, minimize its emissions footprint, and provide high quality customer experiences.


Emirates carried 6.1 million passengers between April 1 and September 30, 2021, up 319% from the same period last year.


The volume of cargo uplifted at 1.1 million tons has increased by 39%, which brings the business back to 90% of pre-pandemic (2019) levels by volume handled.