Emirates Group Reports Record $2.5 Billion Profit for First Half of the Year Thanks to Strong Travel Demand
On Thursday, Emirates Group announced a record half-year profit of $2.5 billion (AED 9.3 billion), driven by high customer demand in its business areas and strong interest in international travel.
Earnings of Emirates Group
The Emirates Group, which includes Emirates Airline and dnata, saw its revenue increase by 5% to $19.3 billion (AED 70.8 billion) in the first half of its 2024-25 fiscal year, ending September 30, 2024. This growth helped the Group maintain a cash balance of $11.9 billion (AED 43.7 billion).
This is the first year the Emirates Group is subject to the UAE’s corporate income tax, introduced in 2023. The Group’s profit before tax rose to $2.8 billion (AED 10.4 billion), a 1% increase compared to the same period in 2023.
The Group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) remained steady at $5.6 billion (AED 20.6 billion) for the six months.
Emirates Airline contributed $2.6 billion (AED 9.7 billion) to the Group’s profit before tax, a 2% increase from the previous year, due to strong travel and cargo demand and investments in its services. Its net profit reached $2.4 billion (AED 8.7 billion) for the six months.
Meanwhile, dnata contributed $196 million (AED 720 million) to the Group’s profit before tax, a 5% decrease due to a one-time impairment charge of $41.4 million (AED 152 million). Its net profit was $156 million (AED 571 million).
Both subsidiaries saw strong revenue growth in the first half: Emirates Airline’s revenue increased by 5% to $16.9 billion (AED 62.2 billion), while dnata’s revenue rose by 11% to $2.8 billion (AED 10.4 billion).
The Group also grew its workforce by 3% to 114,610 employees by September 30, as Emirates and dnata expanded operations.
Key quote
“We expect demand from customers to stay strong through the rest of 2024-25. We’re excited to grow our revenues as we add new aircraft to the Emirates fleet and new facilities at dnata,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, who was named Forbes Middle East’s top Travel and Tourism Leader for 2024.
“The outlook is positive, but we won’t become complacent. We’ll stay flexible in using our capacity and resources to keep up with the changing market.”
Notable figure
Emirates carried 26.9 million passengers from April 1 to September 30, 2024, a 3% increase over the same period last year.
Partner agreements
In the first half of 2024-25, Emirates expanded its global network by partnering with seven new companies: AirPeace, Avianca, BLADE, ITA Airways, Iceland Air, SNCF Railway, and Viva Aerobus.
Between April and September, the airline also upgraded eight aircraft—three A380s and five Boeing 777s—as part of its $4 billion improvement program.
Published: 7th November 2024
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