Dubai state-owned long-haul carrier Emirates saw record-breaking half-year profits of $1.2 billion this year, the company announced on Thursday, as global travel resumes after the removal of COVID-19-related restrictions across the world.
Revenues of the company for a six-month period to Sept. 30 bounced by 131% to 50.1 billion dirhams ($13.62 billion).
The results from the Emirates Group represent a major turnaround after posting a $1.6 billion loss in the same period last year. Buoyed by strong demand, the recovery in the revenues sets the group on the pre-pandemic path of growth, before announcing the first annual loss in 2021 when COVID-19 threw the aviation industry into crisis.
Emirates Group, which includes the airline, its Dnata airport services firm and other companies, had a total of $15.3 billion of worth in revenues, compared to $6.7 billion last year at the same time. Emirates carried 20 million passengers between April and the end of September.
In a statement, Emirates CEO and Chairman Sheikh Ahmed bin Saeed al-Maktoum said he expects the group "to return to our track record of profitability at the close of our full financial year.”
The emirate of Dubai, Emirates' ultimate owner, provided a $4 billion bailout amid the pandemic, which the group has begun paying back.
Emirates is based at Dubai International Airport, the world's busiest for international travel.
