Emirates Group announced a record $3 billion annual profit on Thursday, hailing a 'full recovery' for the Dubai-based carrier after last year's losses due to the pandemic.
The Emirates airline business alone banked $2.9 billion, another record, after returning a $1.1 billion loss in the previous financial year as passengers began to return to the skiesDUBAI - Emirates Group announced a record $3 billion annual profit on Thursday, hailing a"full recovery" for the Dubai-based carrier after last year's losses due to the pandemic.
The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in more than three decades, after grounding its fleet and making heavy lay-offs. "We had anticipated the strong return of travel and, as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers," Sheikh Ahmed said.
However, the biomass-based fuel is in extremely short supply, covering only around 0.1 percent of airlines' total needs in 2022, according to the International Air Transport Association. Emirates, which flies out of Middle East aviation hub Dubai, is facing increased competition notably from Saudi Arabia, which has announced plans for a new airline and a big new airport in Riyadh.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toyota full-year net profit beats forecastTop-selling automaker Toyota said its full-year net profit beat expectations and projected better sales and revenue for the year ahead as supply chain disruptions ease.
Read more »
Absa states ‘categorically’ its full compliance with employment equity lawsBig six bank Absa, cited for not complying with some of South Africa’s employment equity laws, has insisted it was never issued a verdict of non-compliance and says it is fully compliant. Moneyweb EmploymentEquity
Read more »
MTN Group ramps up tax tech roll-out to increase transparencyMTN Group recently released its 2022 tax transparency report, saying it has begun an exercise of configuring a tax risk register system for the whole company.
Read more »
Liberty Group sees a sharp rise in cancer-related claimsThe Liberty Group says it has seen a sharp rise in cancer-related claims, while other insurance pay-outs have started to normalise. The insurer's Claims Stat...
Read more »
Kenya: Is it time to declare KCB and Equity as systemically important banks?KENYA: Both KCBGroup and Equitygroup6 Holdings have ramped up their pan-African ambitions with DRC being the latest addition into both banks’ geographical footprint. They have disclosed plans to expand further beyond current coverage. Read more 👉
Read more »