Emirates airline profit for the first half of 2023-24 hit a new record of AED 9.4 billion (US$ 2.6 billion), compared to corresponding period of 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 carried 26.1 million passengers between 1 April and 30 September 2023, up 31% from the same period last year.
Emirates Group today recorded 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 Emirates 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.
Chairman and Chief Executive, Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum said: “For the second half of 2023-24, we expect customer demand across our business divisions to remain healthy and we will stay agile in how we deploy our resources in this dynamic marketplace.
At the same time, we are keeping a close watch on headwinds such as rising fuel prices.”
dnata’s airport operations remains the largest contributor to revenue with AED 4.1 billion (US$ 1.1 billion), an 18% increase compared to the same period last year, as its airline customers’ operations continued to pick up particularly in Australia, Singapore, UK, and the UAE.
Across its operations, the number of aircraft turns handled by dnata increased by 11% to 384,656, and it handled 1.3 million tonnes of cargo, down by 5% reflecting further softening of the global air freight market after a pandemic-driven surge.
