The Emirates Group is reporting a 2023-2024 half-year net profit of AED 10.1 billion (US$ 2.7 billion), surpassing its record half-year profit of AED 4.2 billion (US$ 1.2 billion) last year by 138%.
The Group also reported 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 of 2022, illustrating its strong operating profitability.
Group revenue was AED 67.3 billion (US$ 18.3 billion) for the first six months of 2023-24, up 20% from AED 56.3 billion (US$ 15.3 billion) in 2022.
The Group closed the first half year of 2023-2024 with a solid cash position of AED 42.7 billion (US$ 11.6 billion) on 30 September 2023, compared to AED 42.5 billion (US$ 11.6 billion) on 31 March 2023. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments. So far, Emirates has repaid AED 9.2 billion of its COVID-19 related loans. The Group also paid AED 4.5 billion in dividend to its owner, as declared at the end of its 2022-23 financial year.
Emirates carried 26.1 million passengers between 1 April and 30 September 2023, up 31% from the same period of 2022. Emirates Skycargo uplifted 1,035,000 tons in the first six months of the year, an 11% increase compared to the same period of 2022 despite an overall softening in the global cargo market. This reflects the cargo division’s ability to meet customer demand with specialized products, and the excellent network options on offer with its freighter and bellyhold cargo operations.
Emirates profit for the first half of 2023-24 hit a new record of AED 9.4 billion (US$ 2.6 billion), compared to same period last year’s profit of AED 4.0 billion (US$ 1.1 billion). Emirates revenue, including other operating income, of AED 59.5 billion (US$ 16.2 billion) was up 19% compared with the AED 50.1 billion (US$ 13.7 billion) recorded in the same period last year.
Emirates’ direct operating costs (including fuel) grew by 9% in line with increased operations. Fuel remains the largest component of the airline’s operating cost (34%), compared to 38% in the same period last year.
Driven by strong demand and increased operations during the six months, Emirates’ EBITDA grew by 33% to AED 19.5 billion (US$ 5.3 billion) compared to AED 14.7 billion (US$ 4.0 billion) for the same period last year.
Source: Emirates