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14 November, 2022

Emirates posts record half-year performance, announces new codeshare

The Emirates Group announced its half-year results for its 2022-23 financial year recently, with the Group reporting a 2022-23 half-year net profit of AED 4.2 billion (US$ 1.2 billion).

Emirates also reported a record half-year performance, and a turnaround of almost AED 10 billion from its AED 5.7 billion (about $2.4 billion) loss for the same period last year.

The Group posted an EBITDA of AED 15.3 billion (about $6.2 billion), a marked improvement from AED 5.6 billion (about $2.3 billion) during the same period last year, illustrating its strong operating profitability.

Group revenue was AED 56.3 billion (about $22.9 billion) for the first six months of 2022- 23, up 128 per cent from AED 24.7 billion (about 10 billion) last year. This was driven by the strong demand for air transport across the world with the further easing and removal of pandemic-related travel restrictions.

The Group closed the first half year of 2022-23 with a strong cash position of AED 32.6 billion (about $13.2 billion) on 30 September 2022, compared to AED 25.8 billion (about $10.5 billion), as on 31 March 2022. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments and pandemic-related commitments.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief Executive, Emirates Airline and Group said: “The Group’s record performance for the first six months of 2022-23 is the result of forward planning, agile business response, and the efforts of our talented and committed workforce.

“Across the Group, our operations recovery accelerated as more countries eased and removed travel restrictions. We were ready and amongst the first movers to serve the strong customer demand thanks to our robust business plans, the support of our industry partners, and our ongoing investments in people, technology, and products and services.

“For the coming months, we remain focussed on restoring our operations to prepandemic levels and recruiting the right skills for our current and future requirements.

“We expect customer demand across our business divisions to remain strong in H2 2022-23. However, the horizon is not without headwinds, and we are keeping a close watch on inflationary costs and other macro-challenges such as the strong US dollar and the fiscal policies of major markets.”

Alongside this news, Emirates and Gulf Air have officially signed a unilateral codeshare partnership, starting this December.

The new agreement will offer easy connections and expanded choices for Gulf Air customers connecting to Dubai and onwards to a host of Emirates destinations across Europe, Africa, South America and the Far East.

The agreement was signed on the first day of the Bahrain Airshow, signalling a growing relationship between both airlines following on the framework of cooperation established last year. The agreement was signed by Sir Tim Clark, President Emirates Airline and Gulf Air’s CEO Captain Waleed Al Alawi in the presence of H.E. Mr.Zayed R. Alzayani, Gulf Air’s chairman of the board of directors. The signing ceremony was also attended by members of each airline’s executive management teams.

The expanded partnership will see Gulf Air place their marketing code “GF” on Emirates-operated flights beyond Dubai to a selection of global tourism hotspots, offering new holiday options for Gulf Air customers. Travellers will be able to connect to points including Budapest, Prague, Warsaw, Algeria, Tunis, Bali, Hanoi, HoChi Minh City, Taipei and Sao Paulo.

The new codeshare agreement’s mix of unique points comes as travellers from the GCC have become more well-informed, value-driven and savvy, increasingly looking for new, diverse experiences and attractions beyond their traditional holiday destinations.

The new partnership will also offer customers the convenience of combined ticketing and check-in, a unified policy and seamless transfers for baggage, and competitive single fares on a multi-airline journey when connecting on Emirates. Customers can book their travel on Gulf Air’s website, through Gulf Air point of sales and online travel agencies as well as with local travel agents.

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codeshare emirates Financial year results Gulf Air Sheikh Ahmed bin Saeed Al Maktoum sir tim clark Waleed Al Alawi