As flight prices remain high, the airline is scoring record profits
Emirates Group has reported a 2023-24 half-year net profit of AED10.1 billion (US$2.7 billion) and an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of AED20.6 billion (US$5.6 billion), a significant rise from AED15.3 billion (US$4.2 billion) during the same period last year.
Group revenue was AED67.3 billion (US$18.3 billion) for the first six months of 2023-24, up 20% from AED56.3 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 AED42.7 billion (US$11.6 billion) on 30 September 2023, compared to AED42.5 billion (US$11.6 billion) on 31 March 2023..
Emirates Airline and Group chairman and chief executive His Highness Sheikh Ahmed bin Saeed Al Maktoum said: "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 both 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."
To support increased operations and business activities, the Emirates Group’s employee base, compared to 31 March 2023, grew 6% to an overall count of 108,996 on 30 September 2023. Both Emirates and Dnata have ongoing recruitment drives to support their future requirements.
Expanding connectivity options for customers, Emirates entered and enhanced codeshare or interline agreements with eight airlines in the first six months of 2023-24: Aegean Airlines, Air Canada, Etihad Airways, Kenya Airways, Philippine Airlines, Maldivian, Sri Lankan Airlines and United Airlines.
The codeshare partnership between Emirates and Qantas, which has seen over 15 million travellers benefit from joint flight itineraries since its establishment in 2013, received approvals for a further five-year extension until 2027.
For more information, visit www.emirates.com