EMIRATES Group announced a record US$3 billion (RM13.4 billion) annual profit Thursday, 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 chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

The Emirates airline business alone banked US$2.9 billion, another record, after returning a US$1.1 billion loss in the previous financial year as passengers began to return to the skies.

The airline had posted a US$5.5 billion loss for Covid-ravaged 2020-21, its first in more than three decades, after grounding its fleet and making heavy lay-offs.

Emirates Group, which reported a US$1 billion loss last year, ended 2022-23 with its highest ever cash balance of US$11.6 billion.

“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. – AFP, May 11, 2023.