Emirates Group announces 2021-22 results

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The Emirates Group’s 2021-22 Annual Report shows strong recovery across its businesses. dnata returns to profitability, and significant revenue improvements were reported across both Emirates and dnata as the Group rebuilt its air transport and travel-related operations which were previously cut-back or curtailed by the COVID-19 pandemic.

For the financial year ended 31 March 2022, the Emirates Group posted a loss of AED 3.8 billion ($1.0 billion) compared with an AED 22.1 billion ($6.0 billion) loss for last year. The Group’s revenue was AED 66.2 billion ($18.1 billion), an increase of 86% over last year’s results. The Group’s cash balance was AED 25.8 billion ($7.0 billion), up 30% from last year mainly due to strong demand across its core business divisions and markets, triggered by the easing of pandemic-related restrictions.

SkyCargo results

In this 2nd pandemic year, Emirates SkyCargo once again put in a stellar performance and contributed to 40% of the airline’s total transport revenue through its ability to respond rapidly to changing demand patterns in a distorted global marketplace.

Emirates SkyCargo maintained its edge in the global airfreight industry by focusing its customers, bringing innovative solutions to the market, and leveraging its fleet and network capabilities.

Rebuilding its network and capacity, the cargo division intelligently deployed its freighter fleet and belly-hold capacity, to meet customer needs. By 30 June 2021, it had restored services to over 90% of its pre-pandemic network.

During the year, Emirates SkyCargo continued to play an important role in getting COVID-19 vaccines and other medical supplies to communities around the world, and keeping trade lanes open for food supplies, e-commerce and other essential goods. In June 2021, it invested to scale up its pharma cool chain infrastructure in Dubai and by March 2022, Emirates SkyCargo had transported 1 billion doses of COVID-19 vaccines.

At the Dubai Airshow 2021, Emirates announced a $1 billion investment to acquire two new Boeing 777 freighters and convert four existing 777-300ER aircraft into freighters.

With steady and strong air freight demand throughout the year, Emirates’ cargo division reported a new record revenue of AED 21.7 billion ($5.9 billion), an increase of 27% over last year.

Freight yield per Freight Tonne Kilometre (FTKM) decreased by 3% as more cargo capacity returned to the global market, but generally remained at high levels compared to the pandemic marketplace due to steady and strong demand.

Tonnage carried increased by 14% to reach 2.1 million tonnes, due to the growth in available bellyhold capacity for the entire year with the reinstatement of more passenger services. At the end of 2021-22, Emirates’ SkyCargo’s total freighter fleet stood at 10 Boeing 777Fs.