Business Insights

Emirates Group Achieves Record-Breaking Half-Year Profits

Dubai’s Emirates Group has made a significant financial leap by announcing its best-ever half-year results, reporting a net profit of Dh10.1 billion over the first six months. 

This remarkable achievement surpasses last year’s figure Dh4.2 billion by 138 percent.

Robust Operating Profitability:

The Group also recorded an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Dh20.6 billion for the first half-year, marking a substantial improvement from Dh15.3 billion during the corresponding period last year. 

This underlines the Group’s strong operational profitability.

Group revenue for the first half of 2023-24 reached Dh67.3 billion, marking a remarkable 20 percent increase from Dh56.3 billion in the previous year. 

The surge in revenue is attributed to the robust global demand for air transport, which has been consistently rising since the easing of pandemic-related travel restrictions.

Financial Resilience and Growth:

The Emirates Group closed the first half of the 2023-24 financial year with a solid cash position of Dh42.7 billion as of September 30, 2023, compared to Dh42.5 billion on March 31, 2023. 

The Group has effectively utilized its strong cash reserves to support its operational needs, including debt payments. Emirates has already repaid Dh9.2 billion in loans related to COVID-19, demonstrating its financial resilience.

Remarkable Milestone and Future Focus:

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, expressed his satisfaction with the Group’s outstanding performance, emphasizing the exceptional talent and dedication within the organization. 

He praised Dubai’s vision and policies that have fostered a robust aviation sector. The Group’s strong business model, continuous service and product enhancements, and investment in people, products, partnerships, and technology contributed to this milestone.

Growing Workforce:

In response to increased operations and business activities, the Emirates Group expanded its workforce by 6 percent compared to March 31, 2023. 

The Group’s total employee count reached 108,996 on September 30, 2023. Emirates and dnata have ongoing recruitment initiatives to support their future needs and objectives.

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