Emirates Group has set a new financial record by announcing its highest-ever half-year net profit of Dh10.1 billion, a staggering 138% increase over the previous year’s Dh4.2 billion. The announcement came on Tuesday, highlighting the group’s exceptional performance in the first six months of the 2023-24 fiscal year.
The group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a remarkable rise to Dh20.6 billion from last year’s Dh15.3 billion, signifying a robust operating profitability.
Emirates Group posts best-ever half year result with profit of US$ 2.7 billion, driven by strong demand for international travel across regions. https://t.co/6RaiBaEUiZ pic.twitter.com/8YRpWdCVUw
— Emirates (@emirates) November 9, 2023
With a group revenue climbing to Dh67.3 billion, up by 20% from Dh56.3 billion in the previous year, Emirates attributes this growth to the surge in global demand for air transport following the lifting of pandemic travel restrictions.
Maintaining a strong financial foundation, the group reported a healthy cash position of Dh42.7 billion as of September 30, 2023. The financial resilience of Emirates is further demonstrated by its repayment of Dh9.2 billion in COVID-19 related loans and a dividend payment of Dh4.5 billion to its owner for the 2022-23 financial year.
Sheikh Ahmed bin Saeed Al Maktoum, the Group’s Chairman and CEO, expressed his pride in the achievement, attributing it to the diligent execution of recovery plans post-pandemic, the strength of the business model, and the progressive aviation policies of Dubai.