Emirates has announced record profits of US$4.7 billion for 2023 as the airline fully took flight after the turbulent years of the coronavirus pandemic disrupted its operations. The airline carried 51.9 million passengers in its 2023 financial year, as compared to 43.6 million the year prior.
Owned by Dubai’s government, the airline also announced revenues of $33 billion, compared to $29.3 billion the year before. Profit the year prior had been $2.9 billion.
“Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results,” Sheikh Ahmed bin Saeed Al Maktoum, the chairman and CEO of Emirates, said, adding, “We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.”
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, praised the airline, noting it “took off 39 years ago and the world of aviation is no longer what it was before.”
The Emirates’ results track with those for its base, Dubai International Airport. The world’s busiest airport for international travellers had 86.9 million passengers last year, surpassing numbers for 2019 just before the coronavirus pandemic grounded global aviation. The airport had 89.1 million passengers in 2018 – its busiest-ever year before the pandemic.
The airport now plans to move to the city-state’s second, sprawling airfield in its southern desert reaches in the next 10 years in a project worth nearly $35 billion.
In November, Emirates announced a $52 billion deal to purchase 90 Boeing 777 aircraft, 55 of them 777-9 variants and 35 of them 777-8s. Emirates will also add an additional five 787 Dreamliners to its previous order of 30 aircraft.
For years, Emirates has relied on the Boeing 777 and the double-decker Airbus A380 to ferry passengers around the world. That will change in September, when Emirates says it will begin flying the Airbus A350 on routes.