Dubai Emirates’ annual loss record down to AED3.8B
Dubai-based Emirates Group recorded an annual loss of AED3.8 billion ($1 billion) for the 2021-22 financial year due to the ongoing Covid-19 pandemic impact, a significant improvement from last year with dnata returning to profitability.
The group had posted a loss of AED22.1 billion ($6 billion) in the previous year. The 2021-22 Annual Report (for the year ending March 31, 2022) showed strong recovery across its businesses with dnata returning to profitability and significant revenue improvements.
The group’s revenue was AED66.2 billion ($18.1 billion), an increase of 86% over last year’s results. The group’s cash balance was AED25.8 billion ($7 billion), up 30% from last year. In 2021-22, Emirates received a further capital injection of AED3.5 billion ($954 million) from the Government of Dubai, and the group tapped on various industry support programmes and availed a total relief of nearly AED0.8 billion.