The Dubai-based company said that dnata had returned to profit for the financial year to 31 March 2022, as revenue for its travel services division, which includes UK operators such as Gold Medal, rose by 434% to $189 million (£155 million) year-on-year.

“During the year, dnata introduced several new products and services in the UAE, capitalising on its market expertise, Dubai’s open borders for international travel, the city’s hosting of Expo 2020 as well as other major conferences and sporting events,” said the company in its annual financial report.

Dnata also launched its Gold Medal brand in Saudi Arabia this year by offering its travel products to independent travel agents in the kingdom.

Emirates cut its loss from $5.5 billion (£4.5 billion) last year to $1.1 billion (£900 million) in 2022 with revenue rising by 91% for the airline as it increased global capacity and reinstated more flights.

Sheikh Ahmed bin Saeed Al Maktoum, who is chairman and chief executive of Emirates Airline and Group, added: “This year, we focused on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets.

“Business recovery picked up pace particularly in the second half of the year. Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance.”