THE emirates Group, headquartered in Dubai, UAE, achieved remarkable financial results for the 2022-23 fiscal year, marking a significant turnaround from the previous year, reports London's Air Cargo News.
The group reported a record annual profit of US$3 billion with total revenue reaching $32.6 billion.
This represents an 81 per cent increase in revenue compared to the previous year when the group suffered a loss.
Emirates Airlines, a key component of the Emirates Group, experienced its most profitable year ever, generating a profit of $2.9 billion.
This is a substantial improvement from the $1.1 billion loss incurred in the previous year.
Emirates SkyCargo, the freight division of the Emirates Group, delivered a solid performance during the same period.
Despite a reduction in available capacity due to the return of aircraft to full passenger service from their temporary conversion as 'mini freighters' during the Covid crisis, it contributed 16 per cent of the airline's total revenue.
Emirates SkyCargo achieved revenue of $4.7 billion, although this represents a 21 per cent decline compared to the exceptional performance of the previous year, which was driven by the unique circumstances of the pandemic.
Notably, the freight yield per freight tonne-kilometer increased three per cent despite the recovery of cargo capacity in the global market, thanks to consistent and strong demand.
However, cargo tonnage carried experienced a 14 per cent decline to 1.8 million tonnes due to reduced freighter capacity over the entire year.
Emirates SkyCargo maintained its position as a leader in the global air freight industry by prioritizing customer needs, introducing innovative solutions, and leveraging its extensive fleet and network capabilities.
During the year, Emirates SkyCargo further solidified its role in cool-chain transportation, building upon the significant volume of pharmaceutical cargo it transported during the pandemic period.
SeaNews Turkey
The group reported a record annual profit of US$3 billion with total revenue reaching $32.6 billion.
This represents an 81 per cent increase in revenue compared to the previous year when the group suffered a loss.
Emirates Airlines, a key component of the Emirates Group, experienced its most profitable year ever, generating a profit of $2.9 billion.
This is a substantial improvement from the $1.1 billion loss incurred in the previous year.
Emirates SkyCargo, the freight division of the Emirates Group, delivered a solid performance during the same period.
Despite a reduction in available capacity due to the return of aircraft to full passenger service from their temporary conversion as 'mini freighters' during the Covid crisis, it contributed 16 per cent of the airline's total revenue.
Emirates SkyCargo achieved revenue of $4.7 billion, although this represents a 21 per cent decline compared to the exceptional performance of the previous year, which was driven by the unique circumstances of the pandemic.
Notably, the freight yield per freight tonne-kilometer increased three per cent despite the recovery of cargo capacity in the global market, thanks to consistent and strong demand.
However, cargo tonnage carried experienced a 14 per cent decline to 1.8 million tonnes due to reduced freighter capacity over the entire year.
Emirates SkyCargo maintained its position as a leader in the global air freight industry by prioritizing customer needs, introducing innovative solutions, and leveraging its extensive fleet and network capabilities.
During the year, Emirates SkyCargo further solidified its role in cool-chain transportation, building upon the significant volume of pharmaceutical cargo it transported during the pandemic period.
SeaNews Turkey
