Added AED 16.7 billion to its cash balances in 12 months

AED 172.1 billion Emirates Group assets up 4.7%

Emirates' total assets reached more than AED 157.5 billion. Archival

The total assets of the Emirates Group at the end of the fiscal year 2022-2023 ending last March amounted to about AED 172.1 billion, compared to AED 164.3 billion, during the previous fiscal year, with a growth rate of 4.7%, according to the financial statements contained in the annual report, which the group revealed the day before yesterday. According to the data, the Group continued to record continuous strong performance rates in the size of its total assets during the past years, as the Group's assets increased from AED 71 billion at the end of the 2010-2011 financial year, reaching the barrier of 100 billion in the following financial year and gradually rising to more than AED 172 billion by the end of this year.

Emirates' total assets reached more than AED 157.5 billion by the end of the 2022-2023 financial year, compared to about AED 150 billion in the previous financial year, with a growth rate of about 5.1%, while dnata's assets stood at AED 14.8 billion.

In terms of cash balances, during the financial year 2022-2023, the Group was able to add more than AED 16.7 billion to its results during one financial year, the highest ever, which amounted to AED 42.5 billion compared to AED 25.7 billion in the previous year, with a growth rate of about 65%.

The group posted a new record profit of 2022.2023 billion dirhams ($10 billion) in the 9-<> financial year, a complete shift from last year's losses.

Agreement on the Transport and Guarding of Diamond Exports from India

Transguard, a subsidiary of Emirates Group, has signed an exclusive agreement with the Gems and Jewellery Export Promotion Council of India (GDDC) to transport and guard diamond and jewellery exports from India.

According to a statement issued yesterday, Transguard, in accordance with the agreement, provides comprehensive logistical support ranging from round-the-clock transportation and transportation services, to the management of safes and the safe storage of diamonds and jewellery, expecting to deal this year with diamonds, jewellery and precious stones worth approximately AED 100 million.

This comes in light of India's rise in precious stone and jewellery exports to the UAE last year thanks to the Comprehensive Economic Partnership (CEPA) agreement between the two countries, where Transguard handles the transport and custody of these precious goods.