Emirates Group announces record half-year performance for 2023-24

Group: Record half-year profit of AED 10.1 billion (US$ 2.7 billion), up 138% from the same period last year, driven by strong demand for international travel across regions. Revenue up 20% to AED 67.3 billion (US$ 18.3 billion).

Emirates: Revenue up 19% to AED 59.5 billion (US$ 16.2 billion), with profit of AED 9.4 billion (US$ 2.6 billion), up 134% compared to the same period last year. Performance reflects airline’s ability to serve strong demand across regions with capacity ramp up, and win customers with ongoing investments in products and services.

dnata: Revenue increased by 27% to AED 9.3 billion (US$ 2.5 billion) as operations ramp up, with profit of AED 709 million (US$ 193 million), up 200% compared the same period last year.

DUBAI, U.A.E., : The Emirates Group today announced its best-ever six-month financial result. The Group is reporting a 2023-24 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 last year, 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) last year. This was driven by strong demand for air transport across the world, which has been on an upward trajectory since the last pandemic travel restrictions were lifted.

The Group closed the first half year of 2023-24 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.