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Emirates Group announces 2022-23 results

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The Emirates Group released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.Emirates achieved new record profits, a complete turnaround from its loss position last year.

Both Emirates and dnata 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.

For the financial year ended 31 March 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for last year. The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last year’s results. The Group’s cash balance was AED 42.5 billion (US$ 11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result. This achievement would not have been possible without Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, whose leadership has been critical to our success today and through the years. The architect of Dubai’s progressive economic policies, Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.”

He added: I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97% year-on-year growth in international visitors for 2022. The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over US$ 47 billion (AED 172.5 billion). With our growth plans, and in line with the Dubai Economic Agenda D33, we expect to significantly increase our contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spend, and trade and commerce benefits from the movement of cargo.”

Commenting on the Group’s 2022-23 turnaround performance, Sheikh Ahmed 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.

Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market. 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.”

To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.



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Sri Lanka worthy of being ranked as the world’s top holiday spot – cricketing great Wasim Akram

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Cricketing great Wasim Akram being felicitated by chairman Softlogic Life Ashok Pathirage.(R)

Pakistani cricketing legend Wasim Akram said Sri Lanka is the best tourist destination and is worthy of being ranked the world’s top holiday spot. ‘The island’s natural beauty and my decades-long connection with the country, are factors that enhance Sri Lanka’s value, he explained.

Speaking at a Softlogic Life investor forum in Colombo last Tuesday Akram said Sri Lanka remained one of his favourite destinations despite having traveled extensively around the world.

Akram who captained the Pakistani national cricket team and was celebrated as Softlogic Life’s brand ambassador said filming the company’s latest television commercial gave him another opportunity to experience some of the country’s most scenic locations, including Galle and the central highlands.

Akram said Sri Lanka’s landscapes, rivers and coastline were among the most beautiful he had beheld during his travels and expressed surprise that the country was not already considered one of the world’s leading tourism destinations.

Having first visited Sri Lanka as a teenager in 1985, Akram said he had returned numerous times over the years as a player, commentator and tourist. He added that he plans to continue visiting the island regularly and hopes to explore more of the east coast in the future.

Softlogic Life had impressive growth last year and is looking forward to introducing new life insurance products to the local market considering the increasing the aging population in Sri Lanka.

By Hiran H. Senewiratne

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Veenath Indrajith from the University of Sri Jayewardenepura wins the 2026 Saman Kelegama Memorial Research Grant

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Veenath Indrajith / Dr Saman Kelegama

Veenath Indrajith, a fourth-year undergraduate from the Department of Business Economics at the University of Sri Jayewardenepura, has been selected as the winner of the Saman Kelegama Memorial Research Grant for 2026. Indrajith’s academic and professional interests lie in economics, finance, investment, and policy-oriented research. In addition to his undergraduate studies, he is currently pursuing the Chartered Accountancy qualification in Sri Lanka, demonstrating a strong commitment to analytical rigour and professional excellence. He aspires to contribute to evidence-based policymaking through applied economic research.

Indrajith’s research study, titled “Small Vehicle Businesses and Household Investors Using the Second-Hand Car Market as an Alternative Investment Method in the Colombo District of Sri Lanka,” will adopt a qualitative research approach to explore the motivations, experiences, perceived returns, and risks associated with investing in used vehicles. By analysing household-level decision-making and investment behaviour, the research aims to shed light on a relatively underexplored area of Sri Lanka’s alternative investment landscape. The findings are expected to provide valuable insights for policymakers, particularly in relation to financial literacy, household investment strategies, and the development and regulation of alternative investment markets in Sri Lanka.

The Saman Kelegama Memorial Research Grant, established in 2018, honours the legacy of the late Dr. Saman Kelegama, former Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), whose work significantly shaped public policy discourse on socio-economic development in Sri Lanka and the broader South Asian region. The grant is awarded annually to an outstanding undergraduate student from a Sri Lankan university, with the aim of encouraging innovative, policy-relevant research and nurturing the next generation of policy thinkers. As part of this grant, Indrajith will receive training and mentoring from IPS senior researchers to complete the proposed study.

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Delmege Consumer partners with Daraz

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Signing ceremony -  from Left to Right - Dushan Khadagammege, Head of Retail and Supply Chain,  Daraz, with the team from the  Delmege Group comprising  Baratha Piyadigama Group Head of Marketing, Shanaka Rajapaksha Manager Marketing Delmege Consumer, Atheeq Kabeer Manager E- Commerce and Digital Marketing .

Delmege Consumer, the flagship FMCG cluster of the Delmege Group, has evolved into one of Sri Lanka’s most trusted household names, building lasting relationships with communities across the island through a diverse portfolio of quality products that have become an integral part of consumers’ everyday lives for generations. Renowned for enriching households with Delmege’s own brands, leading local brands, and world-renowned international brands, the company continues to strengthen its presence, reputation, and connection with consumers nationwide.

A key strength of the FMCG cluster lies in the strong and enduring partnerships it has cultivated with suppliers, enabling the company to establish a responsive, time-sensitive, and mutually beneficial distribution network that has made a significant impact across Sri Lanka. Through its extensive reach and customer-focused approach, Delmege Consumer serves retail, wholesale, HoReCa, export, and modern trade channels, supported by flexible channel management strategies and winning consumer-centric propositions that cater to evolving market needs.

Further strengthening its distribution network and expanding its digital footprint, Delmege Consumer has partnered with Daraz, Sri Lanka’s leading e-commerce platform, to offer customers a more convenient, seamless, and accessible way to purchase its extensive range of FMCG products online.

Commenting on the partnership, Anil Meegahage, CEO of Delmege Consumer, stated:

“At Delmege Consumer, we are committed to innovation, continuously strengthening our product portfolio, and enhancing customer convenience and experience. Our partnership with Daraz enables us to serve customers across the country more efficiently by providing them with an easy, secure, and reliable platform to purchase trusted Delmege FMCG products online.”

Adding further, Baratha Piyadigama, Head of Group Marketing, Delmege, said:

“This partnership with Daraz marks another important milestone in our journey to enhance brand positioning, visibility, and awareness, especially at a time when digital and online commerce continue to gain significant momentum. As one of Sri Lanka’s leading FMCG distributors, we are proud to extend our trusted portfolio of products into the digital space through Daraz, ensuring customers across the island can conveniently access their favourite products with just a few clicks.”

Delmege’s extensive FMCG portfolio includes well-known Delmege branded products such as Canned Fish, Hiru Kahata Tea, Delmege Soya, Flavours and Colours, Delmege Pasta,

Delmege Noodles, and Salt, together with the much-loved Motha range of dessert ingredients, beverages, and mixes. The company also represents globally renowned international brands including Kellogg’s cereals such as Corn Flakes, Muesli, and Oats; Pringles; and the Ferrero portfolio featuring Ferrero Rocher, Nutella, Kinder Joy, and Tic Tac. Through its diverse and trusted brand portfolio, Delmege Consumer continues to reinforce its position as one of Sri Lanka’s leading FMCG companies.

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