Emirates Announces USD 2.7 Billion Profit

Emirates has announced its best six-month financial result, with the half-year performance for 2023-24 being revealed.

Breaking Down The Historic Results

Emirates recorded a half-year profit of USD 2.7 billion. This is staggeringly up 138% from the same period one year prior.

Previously, the highest-ever half-year profit recorded by the Emirates Group stood at USD 1.2 billion.

The Dubai-based airline cites the strong demand for international travel across its entire route network as a catalyst for why the company recorded such strong performance.

Revenues also saw an increase of 20% year-on-year, reaching USD 183 billion across the group. Emirates also cites that the ability to meet strong demand across air transport, which has been increasing for some time, allowed for positive results.

Additionally, the group was able to tap into its substantial cash reserves to support business needs. Notably, this includes debt repayments that have accumulated over recent years.

Emirates said it paid AED 9.2 billion in COVID-19-related loans and also paid AED 4.5 billion in dividends to its owner.

Exploring Emirates’ Fantastic Growth

Emirates said that across the first six months, it increased its flying significantly with the relaunch, launch and frequency increase to cities.

In July, the major airline finally launched a service from Dubai to Montreal. The route acts as the second gateway to Canada for the Dubai-based airline.

By September 30, the airline says it was flying passenger and cargo services to 114 airports with the 777 fleet and 104 airports with the Airbus A380.

The Airbus A380 has undergone a substantial upgrade, with ten units rolling out during the six months following the retrofit programme.

Expanding connectivity options for customers, Emirates entered and enhanced codeshare or interline agreements with 8 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 5-year extension until 2027.

Emirates Mediaroom

Comments From Executives

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.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group

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.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group