DUBAI: Emirates Group announced a record US$3 billion annual profit on Thursday (May 11), hailing a 'full recovery' for the Dubai-based carrier after last year's losses due to the pandemic. 'We're proud of our 2022-23 performance which is not only a full recovery but also a record result,' Emirates chairma
DUBAI: Emirates Group announced a record US$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 US$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 per cent 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.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SoftBank nears deal to sell Fortress to Mubadala for up to US$3 billion: ReportSoftBank Group is in late-stage talks to sell asset manager Fortress Investment Group to Abu Dhabi-based sovereign wealth fund Mubadala for as much as $3 billion, the Financial Times reported on Wednesday. The talks have been going on since last year and a deal, which will help Softbank pay down its debt,
Read more »
Saudi Aramco to supply full oil volumes to Asia in June, but some seek lessSINGAPORE : Saudi Aramco has told customers in North Asia they will receive full volumes of crude oil that they have requested in June, several sources with knowledge of the matter said on Wednesday.But, some Chinese refiners have requested for lower supply volumes in June, said the sources. It is
Read more »
Juve close to full-strength for Sevilla game:Juventus coach Massimilano Allegri will have a full-strength squad to choose from with the exception of defender Gleison Bremer for the first leg of their Europa League semi-final against Sevilla in Turin on Thursday. The 26-year-old Brazilian international has been on the bench for three of Juve's last four
Read more »
Japan's Takeda Pharma says full-year profit rose 6.4%TOKYO : Takeda Pharmaceutical Co said on Thursday its full-year profit rose 6.4 per cent after Japan's biggest drugmaker spent big to replenish its drug pipeline.Operating profit for the year ended March 31 came in at 490.5 billion yen ($3.63 billion) compared with 461 billion yen in the year prior, the c
Read more »
Honda sees full-year profit rising 15% after missing forecasts in Q4TOKYO :Japan's Honda Motor Co on Thursday forecast a 14.9 per cent rise in operating profit for this business year, after it missed analysts' estimates in the fourth quarter.Japan's second-biggest automaker forecast full-year operating profit rising to 1.0 trillion yen ($7.40 billion) compared with a 985.62 b
Read more »
Nissan sees 38% full-year profit rise on stronger sales outlookTOKYO :Japan's Nissan Motor Co on Thursday said it expects operating profit to rise 38 per cent this year on a stronger outlook for sales and production volumes.The Yokohama-based automaker sees operating profit rising to 520 billion yen ($3.85 billion) in the financial year that just started, compared to a 3
Read more »