The Emirates Group has released its 2022-23 Annual Report, recording its highest profits ever on the back of strong demand across its businesses.

The year has seen Emirates achieve new record profits – a complete turnaround from its loss position last year.

Both Emirates and dnata ground handling and flight catering saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

Viewed overall, for the financial year ended 31 March 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion).

This compares with an AED 3.8 billion (US$ 1.0 billion) loss for last year. The turnaround is largely attributed to the aggressive demand for core services across the Group’s operations.

Emirates passenger operations
Emirates’ total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs in 2022-23, as the airline continued to reinstate passenger services across its network in line with the lifting of pandemic-related flight and travel restrictions.

In addition to launching services to Tel Aviv, Emirates relaunched flights to six destinations and increased operations to 62 cities across its network throughout the year to serve strong customer demand.

By 31 March 2023, the Emirates network comprised 150 destinations across six continents, including 9 cities served by its freighter fleet only.

Emirates also deployed its flagship A380 aircraft to even more cities during the year, bringing its A380 network to 43 destinations as of 31 March 2023.

Enabling its customers to access even more destinations, Emirates signed agreements with new codeshare partners in 2022-23 most notably with United Airlines and Air Canada.
Emirates also reinforced its strategic partnerships with Qantas and flydubai and added new interline and codeshare partners: Airlink, AEGEAN, ITA Airways, Air Tanzania, Bamboo Airways, Batik Air, Philippine Airlines, Royal Air Maroc and Sky Express.

Emirates received two new 777 freighter aircraft during the financial year. It also phased out 4 older aircraft comprising of 2 A380, 1 Boeing 777-300ERs and 1 Freighter. Its total fleet count at the end of March was 260 units, with a youthful average fleet age of 9.1 years.

Emirates’ order book stands at 200 aircraft, including 5 additional Boeing 777-300ER freighter orders announced during 2022-23.

Emirates carried 43.6 million passengers (up 123%) in 2022-23, with seat capacity up by 78%. The airline reports a Passenger Seat Factor of 79.5%, compared with last year’s passenger seat factor of 58.6%.

It experiences a 7% increase in passenger yield to 37.5 fils (10.2 US cents) per Revenue Passenger Kilometre (RPKM), due to a change in cabin and route mix, fares and currency.

Emirates continued to invest in delivering ever better customer experiences. During the year, it launched its full Premium Economy experience to hugely positive customer feedback, brought into service the first 6 of its newly retrofitted A380s with completely refreshed cabin interiors.

It also announced a US$ 350 million investment in new generation inflight entertainment systems for its A350 fleet.

Emirates SkyCargo delivered a solid performance, contributing 16% of the airline’s revenue despite a reduction in available capacity as aircraft that were temporarily converted into “mini freighters” during the pandemic returned to full passenger service.

During the year, the cargo division signed commercial MoUs with United Airlines and Air Canada to expand its network reach and capacity for customers.

An Emirates SkyCargo aircraft unloads emergency aid supplies in Pakistan
Photo Credit: Emirates Sky Cargo
Emirates Sky Cargo also deployed its expertise and capacity to transport relief goods to Pakistan, Turkey and Syria in partnership with Dubai’s International Humanitarian City.

With steady air freight demand throughout the year, Emirates’ cargo division reported a solid revenue of AED 17.2 billion (US$ 4.7 billion). This was a 21% decline over last year’s exceptional performance caused by the pandemic.

Tonnage carried declined by 14% to 1.8 million tonnes, due to the reduction in available freighter capacity for the entire year with the reinstatement of more passenger services.

At the end of 2022-23, Emirates’ SkyCargo’s total freighter fleet stood at 11 Boeing 777 Fs.

Dubai National Air Travel Agency (dnata) is an Emirati airport services provider which provides aircraft ground handling, cargo, travel, and flight catering services across five continents

Recovery from the pandemic was felt across almost all dnata businesses, and in 2022-23 dnata increased its profit by 201% to AED 331 million (US$ 90 million).

With growing flight and travel activity across the world, dnata’s total revenue increased by 74% to AED 14.9 billion (US$ 4.1 billion). dnata’s international businesses account for 72% of its revenue, an increase of 10%pts from the previous year.

Revenue from dnata’s Airport Operations, including ground and cargo handling increased to AED 7.2 billion (US$ 2.0 billion).

The number of aircraft turns handled by dnata globally grew by 35% to 712,383, cargo handled declined by 8% to 2.7 million tonnes, reflecting the increased flight activity across markets as the last pandemic restrictions lifted and dnata’s customers reinstated services.

Commenting on the Group’s 2022-23 turnaround performance, HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said, “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.”

He added, “As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23.”

“This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem,” he concluded.

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The African Development Bank is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative.

The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI).
As Africa’s premier development finance institution, the African Development Bank does not only provide fiscal resources to its regional member countries; it also galvanizes global support in promoting resilient, green, and sustainable growth.
It launched the African Green Bank Initiative in November last year to support the implementation of African countries’ Nationally Determined Contributions (NDCs).

African countries still face significant challenges in financing their climate transition. While investment needs resulting from NDCs are estimated at $2.8 trillion by 2030, funds invested on the continent still represent a limited share of global green finance flows, and the share covered by the private sector remains limited.

The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030.
The Initiative followed an assessment by the African Development Bank and the Climate Investment Funds in six African countries; Benin, Ghana, Mozambique, Tunisia, Uganda, and Zambia.

The assessment revealed that green banks have significant potential for attracting new sources of catalytic funds when supporting low-carbon, climate-resilient development through blending capital and mobilizing local private investment for green investments in Africa.
Bank vice president for Energy, Power, Climate and Green Growth, Kevin Kariuki, noted: “The African Green Bank Initiative is a powerful tool for reducing financing costs and mobilizing private sector investments in climate action in Africa.”

The Initiative would bolster the capacity of local financial institutions to build a robust pipeline of bankable green projects while de-risking investments and entrenching long-term investor confidence toward climate-resilient and low-carbon projects in Africa.
According to African Development Bank Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, “this technical assistance will enhance local financial institutions’ climate governance, green projects’ origination and monitoring which is therefore key to attract private capital by entrenching long-term investor confidence.”
Audrey-Cynthia Yamadjako, the Initiative’s coordinator, said some $1.6 million had already been secured to create the first two facilities. She said green finance facilities, newly created or hosted in existing financial institutions, are “the solution to bring private finance at scale in climate action.”

Climate Investment Funds, a major global climate finance mechanism, Canada Climate Action Africa, the Green Bank Network, and the European asset management firm, Amundi support the initiative.
Amundi backs the Initiative through technical assistance activities, including training green facilities’ management and investment teams. Amundi will also mobilize its investment vehicles dedicated to sustainable development in emerging markets and developing economies to support green facilities’ capitalization and thus participate in developing green investments across the continent.

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The National Social Security Fund (NSSF) in partnership with Housing Finance Bank has unveiled the 2023 edition of the NSSF Kampala Hills Run after a two-year hiatus, mainly due to #Covid-19. It will take place on Sunday, July 2, 2023 at Kololo Independence Grounds.

Housing Finance Bank as the official partner has contributed Shs150 million for the run.

The Fund’s flagship charity run is aimed at mobilizing funds to improve learning conditions in public primary schools through refurbishment, sanitation, and provision of digital labs.

Speaking at the event today, Patrick Ayota, NSSF Acting Managing Director, said that over the years, the Fund has endeavored to be a responsible corporate citizen, by supporting underprivileged communities. Adding, “We do this by focusing our interventions on four themes – Health, Education, Youth, and the Underprivileged groups, as provided for in our Corporate Social Responsibility Policy.”

“Our interventions have contributed to solving some of the challenges sections of our communities’ face and inspired other corporate institutions to contribute, either in partnership with the Fund or on their own,” Ayota said.

He added, “I am therefore excited to announce our next major intervention in the Education Sector, through the NSSF Kampala Hills Run, our flagship Charity Run to mobilise funds to improve public schools through refurbishment, improvement of sanitation and provision of digital labs.”

It will traverse selected hills of Kampala, covering 21kilometer. The Uganda Athletics Federation, who is the Fund’s technical partner for the Run, will map the route and undertake all necessary verification to ensure that it is safe for our runners.

“This year, the Fund hopes to raise Shs1 billion to support its interventions in at least 10 public primary schools across the country.

Ayota called upon all well-meaning Ugandans to join them in this noble cause as individuals, groups, or corporate institutions to inspire the next doctor, teacher, pilot, lawyer, or minister.

“I am also glad to report that funds raised in the past editions were used to refurbish 60 classroom blocks and improve sanitation in 13 primary schools in Kampala under our partner KCCA, Soroti, Kisoro, and Otuke districts, benefitting over 15,000 pupils every school day. These interventions have led to a 12% increase in student enrollment at the beneficiary schools, and a 10% reduction in dropouts in the beneficiary schools,” he excitedly revealed.

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The Uganda National Bureau of Standards (UNBS) has commissioned a state of the art food and safety laboratory in Mbarara City.

The first of its kind facility in the region, the lab will handle all technical aspects of acquiring certification.

Speaking at the launch, the UNBS Executive Director, Mr. David Livingstone Ebiru, said since lab testing is one of the key components of conformity assessment, standards compliance and quality assurance, it is important that UNBS decentralises its laboratories to take services nearer to the people.

“Initially all businesses were seeking UNBS certification from the head office in Kampala. However, UNBS has decentralised testing services to Northern region, Eastern region and now Western region in order to reduce the cost of doing business,” Ebiru said.

“We have started with labs in Gulu, Mbale and now Mbarara. Next in line is the Rwenzori region; Hoima to support oil and gas; then West Nile; Arua because of the volume of cross border trade that happens in this region,” he added.

The Laboratory Equipment worth USD 4,455,283 was donated by Trade Mark Africa funded by the Danish Government.

“We want to appreciate the government of Denmark through TradeMark Africa who invests in quality infrastructure. We thank you for the support in enabling the decentralisation of UNBS Testing services to different parts of Uganda,” Ebiru said.

Danish Ambassador to Uganda Signe Winding Albjerg said the decentralisation of lab services is always paying off.

“Following the previous UNBS Labs launched in Mbale and Gulu, we have seen a reduction in turnaround time of testing products. We have seen increased consumer protection due to an increase in the number of products tested in the labs and increased cross border trade of the tested products,” Ambassador Albjerg said.

“I call upon the business community to take advantage of the western region labs to further grow their businesses for their local market and the international market,” she added.

The lab is located along Isingiro Road, Block 2, Nsikye-Nyamitanga.

The area LC1 Chairperson, Mr. Kabagambe Ignatius, urged UNBS to curb sub-standard goods in the Western region by sensitising manufacturers that UNBS is not against them but it exists to help boost their businesses.

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Vivo Energy Uganda, the distributor and marketer of Shell-branded fuels and lubricants in Uganda, has today awarded over 400 of its high performing truck drivers and six (06) transporter companies at its annual Drivers’ and Haulier’s League award ceremony held in Kampala, under the theme: “Goal Zero, Every day.”

The Drivers’ and Hauliers’ League awards, now running for more than 20 years in Uganda, is a structured process for measuring the performance of the drivers’ road safety behaviour and compliance. The drivers’ performance is scored every month, with quarterly awards that culminate in an annual recognition. The drivers are categorised into classes A, B and C, depending on how they perform.

The award ceremony is an opportunity for Vivo Energy Uganda to recognise and motivate the drivers’ commitment to health and safety on the road and is also a celebration of the safety record upheld by the transporter companies annually. Road transport accounts for most of the importation of fuel products. The drivers demonstrated outstanding professionalism as they delivered Shell fuels without any road transport incident in the year 2022.

According to the Vivo Energy Uganda Managing Director, Johan Grobbelaar, “The Drivers League programme seeks to ensure that our drivers observe high professional conduct and operate the highest road safety standards. In so doing, our products are safely delivered to the country and to our customers. This is in line with the objective of UN Decade of Action for Road Safety which is to prevent at least 50 percent of road traffic deaths and injuries by 2030.”

“The League also aims to reinforce our target of Goal Zero, which is our continuous commitment to run our business without causing any harm to people, assets and the environment. We thank the government for the continuous support and our transport companies for adherence to the best road safety practices to ensure that we meet our Goal Zero ambition,” he added.

The overall best driver, Mr. Moses Jellah, works with AOB Transport Company Limited. Jellah scored 100 percent for his hard work, operational excellence and adherence to the company’s road transport safety protocols. He did not register any traffic violations or accidents during the year.

The other drivers awarded were Fred Kayanja from Uganda Transport Agencies Limited, Ssegawa Nathaniel Rogers Ssegawa (Fuels driver) and Joseph Ssenyonga (Lubricants driver) from Fred Sebyala Transport, Ronald Wanyonyi (Fuels driver) from SIBED Transport Company, Ibrahim Mohammed Ali from Dakawou Transporters Limited and Anthony Kamande Ngugi from Multiple Hauliers East Africa Limited. Over 400 other drivers were also recognized for exemplary performance and achieved the Class A category.

Speaking at the ceremony, representing the Guest of Honour, Hon. Gen. Edward Katumba Wamala the Minister of Works and Transport, Mr Karim Kibuuka – Principal vehicle Inspector hailed Vivo Energy Uganda for its role in championing road safety in its operations and the community through its campaigns such as ‘Tweddeko’ Every Life Matters. He urged all stakeholders in the transport industry to benchmark the best practices to avoid accidents and save lives.

“The high rate of road crashes in Uganda is mainly attributed to human error followed by the poor state of motor vehicles. The government has, through various initiatives, continued to advise all motorists to observe the basic road safety rules while on the road. Adherence to these basic tips shall enable us to reduce further the road crashes experienced currently,” he advised.

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