UAE-based flight carrier Emirates has seen the most profitable year in the form of 2022 because it earned $2.9 billion that year. This shows that the airline company has bounced back from the coronavirus pandemic effects that had shut down its operations for a brief period.
The company’s revival comes at a time when Dubai, which is the country where the company has its ownership and operations is going through rising property prices. People are flocking through the city-state in the UAE after the coronavirus pandemic restrictions were lifted and also it welcomed Russians who flew from Moscow due to its war with Ukraine.
Emirates’ yearly report has shown that the revenue for the carrier was almost 81% higher than its 2021’s figures. The sudden change came in the revenue after it suffered a reportedly $1.1 billion loss in 2021.
As the travel and tourism sector picks up, so do the companies offering their services to customers who enjoy getting good revenues. What matters in recent times is to create a sustainable business model that will tide in all good and bad times. It seems the Emirates has learned the hard way to encash the present opportunity of reviving tourism and thus, it has been enhancing its operations on the right note.
The city-state is one of the 7 hereditarily ruled and autocratic places that make them a part of the UAE. It provided Emirates with approximately $4 billion during the crisis times of the pandemic to overcome the situation. Even as the pandemic’s effects have reduced all over the world, the company yet has a few of its double-decker Airbus A380s parked so that mechanics can be able to fly again.
The company’s chairman and chief executive of Emirates Sheikh Ahmed bin Saeed Al Maktoum said in a media statement that they are willing to expand their operations quickly and safely so that they can serve the customers who strongly want to travel as the travel restrictions are lifted up.
At present, Emirates consists of a fleet of 260 Boeing 777s and Airbus A380s flying to 150 passenger and cargo destinations. The airline carried 43.6 million travelers and 1.8 million tons of cargo last year in 2022. The company last week also announced that it would be setting up a $200 million fund for research and development projects that are aimed to lower the usage of fossil fuels in commercial aviation.
Dubai-based Emirates Airlines was founded in 1985. The Emirates Group has over 50,000 employees and has been rapidly expanding its operations. The award-winning international carrier is also one of the biggest air services providers all over the world. Emirates Group has a net income of AED 1.67 billion (2019-20) and total assets worth AED 188.46 billion (2019-20) as per internet reports.
Emirates is an example of a strong turnaround and recovery model in the business domain. One can learn many lessons on how the company which had tough times during the pandemic years made its profitable year as soon as the restrictions were lifted.