The Emirates Group has announced its best-ever six-month financial result. It reported a 2023-24 half-year net profit of US$2.7 billion, a 138 per cent increase over the US$ 1.2 billion it reported in the corresponding period last year.
Group revenue stood at US$ 18.3 billion for the first six months of 2023-24, also up 20 per cent year-on-year from US$15.3 billion.
The increase in revenue has allowed the group to tap its own cash reserves to undertake debt payments. Emirates said that it has now repaid Dhs9.2 billion of its Covid-19 related loans and the group also paid Dhs4.5 billion in dividend to its owner.
Emirates airline reported a new record profit for the first half of 2023-24 of US$2.6 billion, compared to last year’s profit of US$ 1.1 billion over the same period.
Emirates’ revenue, including other operating income, of US$ 16.2 billion was up 19 per cent compared to US$13.7 billion it recorded in the same period last year.
Emirates carried 26.1 million passengers between 1 April and 30 September 2023, up 31 per cent over the corresponding period last year. By 30 September, the airline was operating passenger and cargo services to 144 airports, utilising its entire Boeing 777 fleet and 104 A380s.
The group’s dnata division meanwhile reported revenue, including other operating income, of US$2.5 billion, an increased by 27 per cent compared to US$2 billion generated in the same period last year. Overall profit for dnata was US$193 million, compared to US$64 million over the similar six-month period last year.
“Our profit for the first six months of 2023-24 has nearly matched our record full year profit in 2022-23. 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, the strengthening US dollar, inflationary costs, and geopolitics,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group.
These half-yearly figures for Emirates comes on the back of the group having reported in May its highest-ever annual profit of US$3 billion for the year of 2022-2023. That figure is in stark contrast to the US$1 billion loss it posted the previous year.