Emirates announces record $2.7bn profit
The Emirates Group has announced a half-year new profit of AED 10.1bn ($2.7bn) for 2023-24. This is a record financial result and a 138% increase on the same period last…
The Emirates Group has announced a half-year new profit of AED 10.1bn ($2.7bn) for 2023-24. This is a record financial result and a 138% increase on the same period last year.
The Group also report strong operating profitability with its earnings before interest, taxes, depreciation, and amortization (EBITDA) increasing by 33% from $4.2bn last year to $5.6bn this year.
Group revenue was $018.3bn for the first six months of 2023-24, up 20% from $15.3bn last year, and the Group closed the first half year with a solid cash position of $11.6bn on 30 September 2023.
His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group said, “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. Our profit for the first six months of 2023-24 has nearly matched our record full year profit in 2022-23. This is a tremendous achievement that speaks to the talent and commitment within the organisation, the strength of our business model, and power of Dubai’s vision and policies that has enabled the creation of a strong, resilient, and progressive aviation sector.
“Across the Group, we’ve continued to ramp up operations safely and move nimbly to meet customer demand. We’ve implemented a series of service and product enhancements to win customer preference, and we’ll continue to invest in our people, products, partnerships, and technology to strengthen our capabilities and ensure we are future ready.
“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 geo-politics.”
Read the full results of the financial report here.
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