- Emirates Group achieved its highest-ever fiscal half-year earnings, disclosing a net profit of 10.1 billion dirhams ($2.75 billion) for the 2023-24 period, fueled by a resurgence in demand. This noteworthy figure marked a 138% increase over the previous year's half-year profit of 4.2 billion dirhams.
- The surge in earnings was propelled by robust international travel demand, signaling the ongoing recovery of the industry from the impacts of the Covid-19 pandemic. The group's revenue reached 67.3 billion dirhams, reflecting a 20% rise compared to the corresponding figure from the previous year. Emirates Group, the Dubai-based holding company with Emirates Airline as its subsidiary, also reported an EBITDA of 20.6 billion dirhams, a notable increase from 15.3 billion dirhams in the same period last year. The group's cash position was reported at 42.7 billion dirhams.
Why it matters
Emirates Airline and Group Chairman and CEO Sheikh Ahmed bin Saeed al Maktoum said in an accompanying statement: “We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic. The Group has surpassed previous records to report our best-ever half-year performance.” He added that the group’s profit for the first six months of the 2023-2024 financial year has “nearly matched our record full year profit in 2022-23.” This is a testament to the positive approach with which the industry is progressing, and particularly for the Emirates Group as it recovers from the pandemic slowdown.
