The Emirates Group yesterday announced its best-ever six-month financial result 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 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. So far, Emirates has repaid AED 9.2 billion of its COVID-19 related loans. The Group also paid AED 4.5 billion in dividend to its owner, as declared at the end of its 2022-23 financial year.
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 organization.”
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