The Emirates Group has reported an outstanding financial performance for the first half of 2023-24, with a net profit of AED 10.1 billion (US$2.7 billion), a 138% increase from the previous year. Strong operating profitability and a revenue surge to AED 67.3 billion (US$18.3 billion) highlight the Group’s resilience and strategic financial management, despite challenges in the aviation industry.
The Group’s net profit soars to AED 10.1 billion (US$2.7 billion), a remarkable 138% increase from the same period last year.
Strong Operating Profitability
Emirates Group demonstrates robust operating profitability, reporting an EBITDA of AED 20.6 billion (US$5.6 billion), a significant improvement from AED 15.3 billion (US$4.2 billion) during the same period last year.
The Group’s revenue for the first six months of 2023-24 reaches AED 67.3 billion (US$18.3 billion), marking a 20% increase from the previous year, driven by surging global demand for air travel.
Solid Financial Position
With a substantial cash position of AED 42.7 billion (US$11.6 billion) as of September 30, 2023, the Group remains financially robust, utilizing its cash reserves strategically to support business needs, including debt repayments.
Debt Repayment and Dividends
Emirates has repaid AED 9.2 billion of its COVID-19-related loans, showcasing prudent financial management. Additionally, the Group has paid AED 4.5 billion in dividends to its owner as declared at the end of its 2022-23 financial year.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, shares his insights on the Group’s historic achievements and outlook for the future.
Emirates Group employees have increased by 6% since March 31, 2023, reflecting the Group’s ongoing recruitment efforts to support its expanding operations.
Emirates Airline Expansion
Emirates Airlines continues to expand its global flight operations, restore A380 services to various destinations, and enhance connectivity for its customers.
Premium Economy Offering
The retrofit of A380 aircraft with new cabin interiors, including Premium Economy seats, allows Emirates to expand services to new routes and enhance passenger experience.
dnata experiences significant growth across its various business divisions, making strategic investments and implementing innovative technology to meet customer needs.