Emirates Reports Record $2.9 Billion Profit in 2022, Driven by Pandemic Recovery, Influx of Travelers

Emirates, the long-haul carrier, announced a record profit of $2.9 billion in 2022, reflecting a strong recovery from the coronavirus pandemic’s impact on global aviation. Dubai, the city-state owning the airline, experienced a surge in property prices and an influx of visitors as it quickly lifted pandemic restrictions and welcomed Russians fleeing the war in Ukraine.

Emirates’ revenue reached $29 billion in 2022, an 81% increase from the previous year’s $16 billion. The airline’s turnaround followed a $1.1 billion loss in 2021 and a $4 billion bailout from the city-state during the pandemic. Despite the recovery, some of Emirates’ Airbus A380s remain grounded, awaiting maintenance to resume operations.

Emirates Group, comprising travel company dnata and other holdings, reported profits of nearly $3 billion and revenues of $32.6 billion. The group declared a $1.2 billion dividend for its owner, the Investment Corporation of Dubai.

The airline anticipates delays in receiving new airplane orders due to manufacturers facing post-pandemic supply issues. Emirates is investing $2 billion to retrofit 120 Airbus A380s and Boeing 777s.

Emirates announced a $200 million fund for research and development projects aimed at reducing fossil fuel use in commercial aviation, distributed over three years. The airline is also exploring the use of sustainable aviation fuel.