Emirates Group Achieves Record Half-Year Profit, Reflecting Strong Recovery in Global Travel Demand
The Emirates Group has unveiled its best-ever six-month financial results for the period of 2023-24, reporting a staggering net profit of AED 10.1 billion (US$ 2.7 billion).
This record-breaking figure represents a remarkable 138% increase from the previous year’s half-year profit, showcasing the airline giant’s resilience and rapid recovery from the challenges posed by the global pandemic.
The Group’s solid performance is attributed to a surge in international travel demand across various regions, driving a substantial 20% increase in revenue, reaching AED 67.3 billion (US$ 18.3 billion).
Emirates, the flagship airline of the group, saw its revenue climb by 19% to AED 59.5 billion (US$ 16.2 billion), with a profit of AED 9.4 billion (US$ 2.6 billion), marking a remarkable 134% increase compared to the same period in the prior year.
dnata, the ground handling and travel services subsidiary of the Emirates Group, experienced a surge in revenue as well, increasing by 27% to AED 9.3 billion (US$ 2.5 billion). The profit for dnata soared by 200%, reaching AED 709 million (US$ 193 million).
The impressive financial results were announced by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group.
He expressed satisfaction with the Group’s ability to not only recover but surpass previous records, attributing the success to the organization’s talent, commitment, and the visionary policies of Dubai.
Emirates’ strategy to meet increased demand was evident in its global flight operations expansion.
The airline added capacity and connections through its Dubai hub, restoring A380 operations to several destinations and launching new routes, including daily non-stop services to Montreal.
Codeshare and interline agreements with eight airlines were also established or enhanced during the first six months of the fiscal year.
In response to rising demand, Emirates grew its employee base by 6% to a total of 108,996 as of September 30, 2023. Both Emirates and dnata are actively recruiting to support their future operational requirements.
Looking ahead, Sheikh Ahmed expressed optimism for the second half of the fiscal year, anticipating continued healthy demand across business divisions.
However, he acknowledged challenges such as rising fuel prices, a strengthening US dollar, inflationary costs, and geopolitical factors, emphasizing the Group’s commitment to staying agile in the dynamic marketplace.
Emirates Group’s financial strength is underscored by its solid cash position of AED 42.7 billion (US$ 11.6 billion) as of September 30, 2023, demonstrating its ability to tap into its reserves to support business needs, including debt payments.
The aviation industry giant’s outstanding performance reflects not only its strategic vision but also its adaptability and resilience in the face of global uncertainties.
