Emirates Group Achieves Record Half-Year Results, Driven by Strong Demand and Strategic Investments
Emirates Group has reported a record-breaking performance for the first half of the 2024-25 fiscal year, achieving a profit before tax of AED 10.4 billion (US$ 2.8 billion) – a 1% increase over the previous year. This milestone marks a new high for Emirates, fueled by a 5% increase in revenue to AED 70.8 billion (US$ 19.3 billion) due to robust customer demand across its airline and dnata divisions.
Emirates Airline contributed significantly to the Group’s success, with a 5% revenue increase to AED 62.2 billion (US$ 16.9 billion) and a record profit before tax of AED 9.7 billion (US$ 2.6 billion). Strong travel and air cargo demand globally, combined with Emirates’ ongoing investments in customer-focused services, helped maintain a high passenger load factor and drive this revenue growth. Over the six-month period, Emirates transported 26.9 million passengers, a 3% rise from the previous year, and increased capacity across its network to meet demand.
To enhance global connectivity, Emirates expanded its reach by adding new destinations, including daily flights to Bogotá, Colombia, via Miami, and new routes to Madagascar and Phnom Penh. The airline now serves 148 airports across 80 countries, emphasizing its commitment to linking key global destinations.
The airline’s retrofit program, valued at US$ 4 billion, is transforming its fleet with new Boeing 777 and Airbus A380 cabins. Emirates rolled out three A380s and five Boeing 777s with upgraded interiors, offering a new Business Class layout with lie-flat seats and minibars, as well as the popular Premium Economy service. This expanded its premium services on major routes, such as Geneva, Tokyo, and Brussels, and additional routes are scheduled for deployment by year-end.
Ground service investments included opening new signature lounges for premium passengers at London Stansted and Jeddah, as well as refurbishing the lounge at Paris Charles De Gaulle. Emirates also expanded its retail strategy, debuting its first experiential store in Hong Kong.
SkyCargo, Emirates’ air freight division, saw strong performance with a 16% increase in transported goods, supported by added Boeing 777 freighters and wet-leased Boeing 747Fs. High demand for e-commerce from China and increased Dubai-bound shipments fueled this growth. Additionally, SkyCargo placed orders for 10 more Boeing 777 freighters to meet rising cargo demand.
Emirates reinforced its commitment to environmental sustainability by joining the Aviation Initiative for Renewable Energy (aireg) in Germany and partnering with the University of Cambridge’s Aviation Impact Accelerator (AIA) to explore carbon reduction pathways. The airline also began using sustainable aviation fuel (SAF) at Singapore and London Heathrow, a first for its operations in these locations.
Emirates’ ground-handling subsidiary, dnata, reported a revenue increase of 11% to AED 10.4 billion (US$ 2.8 billion) as it expanded operations across cargo, catering, and travel services. Key growth areas included airport services, catering, and retail, as well as the acquisition of new contracts in the U.S. and European markets. dnata’s U.S. footprint also grew, launching services at Raleigh-Durham International Airport and securing over US$ 210 million in ground support equipment orders.
Despite an impressive performance, dnata’s profit before tax declined by 5% to AED 720 million (US$ 196 million), attributed to a one-time impairment charge. Nevertheless, dnata’s EBITDA increased by 16% year-on-year, reflecting strong operational profitability.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, attributed the Group’s exceptional performance to its resilient business model and Dubai’s position as a thriving business and tourism hub. He emphasized the Group’s commitment to reinvesting in customer experience, advanced technology, and employee well-being.
“The Group’s strong profitability enables us to make the investments necessary for our continued success,” Sheikh Ahmed stated, underscoring plans to add new aircraft to Emirates’ fleet and open new facilities at dnata to meet anticipated customer demand. Sheikh Ahmed also indicated optimism for continued growth in 2024-25, stating the Group’s readiness to remain agile and responsive in a dynamic marketplace.
The Group’s robust cash position of AED 43.7 billion (US$ 11.9 billion) at the end of September 2024 supports its financial stability. Emirates has been able to leverage these reserves to fund new aircraft orders and fulfill debt obligations, as well as to pay AED 2 billion in dividends for the 2023-24 fiscal year.
After accounting for the UAE’s recently enacted 9% corporate tax, Emirates Group posted an after-tax profit of AED 9.3 billion (US$ 2.5 billion). Sheikh Ahmed highlighted plans to reinvest profits in future projects that will deliver value to customers, employees, and shareholders.