Emirates’ Loss Narrows To $1.6bn As Travel Restrictions Ease

Emirates Group has reported that its net loss for the first half of the 2021/2022 financial year fell to $1.6bn from $3.8bn in the same period a year ago as COVID-19 vaccinations eased travel restrictions, aiding a recovery in demand for air services.

According to a statement from Emirates, its group revenue rose by 81 per cent to $6.7bn in the six-month period from $3.7bn during the same period in 2020.

The firm said that the revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their COVID-19 vaccination programmes.

Its earnings before interest, taxes, depreciation and amortisation rose to a $1.5bn gain from a $12m loss in H1 2020.

The Chairman and Chief Executive, Emirates Airline and Group, Sheikh Ahmed Al Maktoum, said, “As we began our 2021-22 financial year, COVID-19 vaccination programmes were being rolled out at unprecedented scale around the world. Across the group, we saw operations and demand pick up as countries started to ease travel restrictions.

“This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond. Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services.

“While there’s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021-22.”

He appreciated the company’s customers and industry stakeholders for their effort in ensuring that activities resumed safely and smoothly.

He said the company’s ability to pivot and pull through its “toughest period in history to date” could be attributed to Emirates’ and dnata’s strong brands, high-quality products and services, digital and innovation capabilities, and its staff.

He added that Emirates would continue investing in those core areas to take its business into the future, together with the leaner processes and new technology capabilities that had been implemented in the past months.