Dubai’s Emirates Group announced annual profits of $5.1 billion on Monday, a rise of 71 percent, as the airline company set a new record for the second year in a row.

“The Emirates Group has once again raised the bar to deliver a new record performance,” said chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum.

State-owned Emirates Group, operator of the world’s largest long-haul carrier, announced a record $3.0 billion in profits last year as it returned to the black after the pandemic.

“The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders,” Sheikh Ahmed said.

Last year’s profits followed a $1.1 billion loss in the post-pandemic 2021-2022 financial year and a $5.5 billion deficit in Covid-ravaged 2020-2021, its first in more than three decades.