Emirates Group announces half-year performance for 2021-22

posted on 10th November 2021 by Eddie Saunders
Emirates Group announces half-year performance for 2021-22

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.

His Highness (HH) 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.

“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’s 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”.

Sheikh Ahmed added: “We would like to thank our customers for their continued support, as well as all our aviation and travel industry stakeholders and partners for their efforts that have made it possible for international air travel to resume safely and smoothly.”

“Our ability to pivot and pull through the toughest period in our history to date, can be attributed to Emirates’ and dnata’s strong brands, high quality products and services, digital and innovation capabilities, and our amazing people.

“We intend to continue investing in these core areas to take our business into the future, together with the leaner processes and new technology capabilities that we’ve implemented in the past months.”

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 (US$ 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 31 March 2021, dropped marginally by 2% to an overall count of 73,571 at 30 September 2021.