• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Aviation

Emirates Airline, stung by soaring fuel prices, posts $1.1 billion dollar loss

3 years ago
in Aviation, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
93
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Emirates Airline, stung by soaring fuel prices, posts $1.1 billion dollar loss

Dubai’s Emirates Airline posted a loss of $1.1 billion in the year through March, up from a $5.5 billion loss the previous year, despite soaring jet fuel costs which threaten to overshadow a nascent recovery in the global aviation sector.

The world’s largest long haul carrier said Friday that revenue jumped 91% to $16.1 billion dollars, helping to narrow its losses, as travel lockdowns eased from the worst of the coronavirus pandemic and the airline added capacity.

“2021-22 was largely about recovery, after the toughest year in our Group’s history,” Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said in a statement on Friday.  

“We expect the Group to return to profitability in 2022-23, and are working hard to hit our targets, while keeping a close watch on headwinds such as high fuel prices, inflation, new COVID-19 variants, and political and economic uncertainty.”

The airline had resumed flights to 140 destinations by the end of March, but the surge in fuel prices — up more than 50% so far this year — continues to challenge the pandemic-battered aviation sector. Emirates said its fuel bill more than doubled to $3.8 billion dollars as the price of oil and jet fuel soared in recent quarters.

“It’s very difficult to establish where that price will stop, or how far it might go down,” Sheikh Ahmed told CNBC in an interview on Tuesday when asked about the price of fuel. “That’s really affecting the airline business in a big way,” he added, saying geopolitics and Russia’s invasion of Ukraine was having a significant impact on fuel prices. 

RelatedPosts

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

Emirates said fuel accounted for 23% of operating costs over the year, compared to just 14% in 2020-21.

“The relatively recent reopening of important markets in Asia is key to Emirates’ recovery,” Alex Macheras, an independent aviation analyst, told CNBC. “Challenges will remain with China’s lockdowns continuing, fleet concerns amid Boeing 777 delays, and a cost-of-living-crisis globally that will be more visible [in terms of impacts] to airlines this winter.”

Path to IPO

Emirates Group, which includes Emirates and its air service business Dnata, recorded an annual loss of $1 billion dollars, despite Dnata returning to profitability. Group revenue increased by 86% to $18.1 billion, and the group ended the year with a 30% improvement in its cash balance to $7 billion dollars.

Sheikh Ahmed told CNBC the group now plans to pay the Dubai government back some of the nearly-$4 billion in emergency relief that it pumped into the airline at the height of the pandemic. 

“That was money well spent,” he said. “If things continue as they are now … we can pay back what the Government has injected into the company.”

It comes amid renewed speculation that Emirates or its subsidiaries could be tapped by the Dubai government to go public, joining a list of businesses already earmarked for initial public offering as part of a push among governments in the region to take their state enterprises public.

“I’m sure that maybe sometime in the future that Emirates will be on the market and people will be able to buy the shares,” Sheikh Ahmed said. “I don’t call that point,” he added, stopping short of offering any further plans.

Dubai Airports, the Emirates home base, attracted 13.6 million passengers in the first quarter, according to new data released on Thursday. Dubai Airports CEO Paul Griffiths told CNBC that air passenger traffic in Dubai may reach pre-pandemic levels in 2024, a year earlier than previously expected, providing a tailwind for Emirates through the recovery. 

Tags: Emirates Airlineposts $1.1 billion dollar losssoaring jet fuel costsstung by soaring fuel prices
No Result
View All Result

Highlights

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Chelsea Thrash West Ham 5-1, Increasing Pressure on Former Boss Graham Potter

Lithium Price Surge to be Short-Lived, Analysts Say

Gold Fields Targets 20% of Global Output from Tarkwa Mine by 2026

Trending

Business

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals The Trump administration is considering...

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025
Von links nach rechts: Général Birame Diop, Verteidigungsminister ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks (Daimler Truck AG) ; Cheikh Ibrahima Cisse, Präsident GTS Senegal  From left to right: Général Birame Diop, Minister for the Armed Forces (Defence) ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks at Daimler Truck ; Cheikh Ibrahima Cisse, President GTS Senegal

Senegal and Mercedes-Benz Partner to Build Trucks

August 23, 2025

INTERPOL Recovers Over $90 Million From African Crime Syndicates

August 23, 2025

Djokovic and Gauff Gear Up for US Open with Strategic Focus

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.