Emirates reported a 27 percent increase in cargo revenues to AED 21.7 billion ($5.8 billion) for 2021-22 due to strong demand for essential goods and medical supplies, accelerated vaccination programs and global supply chain issues.

Freight revenues accounted for 37 percent of total revenues of AED 58.3 billion ($15.7 billion), down from 57 percent last year (17.1 billion AED of total revenue of AED 30.2 billion) .

“Freight volumes increased by 14.2 percent to 2.1 million tons (2020-21: 1.9 million tons), reaching nearly 90 percent of FY19-20 levels,”

“As passenger traffic increased, the capacity of the abdomen also increased, causing planned operations this year to account for 59 percent (2020-21: 38 percent) of the total cargo tonnage carried. A reduction in cargo tonnage for cargo flights was noted due to aircraft retirements and shift of volumes to scheduled operations Overall, FTKMs increased 30.6 percent to 12.7 billion (2020-21: 9.8 billion), as we strengthened our strong position in the air freight industry. Revenue per FTKM remained robust at 170 fils per FTKM (2020 -21: 175 files per FTKM)."

“Group sales were AED 66.2 billion ($18.1 billion), an increase of 86 percent from last year's results. The Group's cash balance was AED 25.8 billion ($7 billion), a 30 percent increase from last year, primarily due to strong demand in its core businesses and markets, driven by the easing of pandemic-related restrictions," the results announced.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “This year we focused on quickly and safely recovering from our operations where pandemic-related restrictions eased in our markets. Business recovery accelerated, especially in the Strong customer demand drove a massive improvement in our financial performance compared to our record losses last year and we built our strong cash balance.

In 2021-22, Emirates received another capital injection of AED 3.5 billion ($954 million) from the Government of Dubai, and the Group took advantage of various industry support programs and benefited from a total relief of nearly AED 0.8 billion ( $216 million) in 2021-22, the statement added.