The Emirates Group has made a $6.7 billion rebound in revenue earnings in the first half of 2021. The upswing was an 81 per cent increase on $3.7 billion recorded during the same period last year
The Group is, however, reporting a 2021-22 half-year net loss of $1.6 billion, though a substantial improvement from its $3.8 billion loss for the same period last year.
The Group continued to maintain a healthy cash position, which stood at $5.1 billion on September 30, 2021, compared to $ 5.4 billion as on March 31, 2021.
Chairman and Chief Executive, Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said: “As we began our 2021-22 financial year, COVID-19 vaccination programmes were being rolled out at unprecedented scale worldwide. 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.”
Al Maktoum thanked customers for their continued support, as well as all aviation and travel industry stakeholders and partners for their efforts that 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,” he said.
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 despite the unprecedented challenges encountered by the aviation and travel industry due to COVID-19.
In the first half of 2021-22, its owner further injected $681million into Emirates by way of an equity investment and they continue to support the airline on its recovery path.
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, minimise its emissions footprint, and provide high quality customer experiences.
With a clear focus on restoring its passenger network and connections through its Dubai hub, Emirates responded with agility whenever travel restrictions were lifted to restart services or layer on additional flights.
In July, it launched services to Miami, a new destination, and during the first half of 2021-22, Emirates also activated codeshare and interline partnerships with Airlink, Aeromar, Azul, Cemair and South African Airways to expand connectivity options for customers.