Dubai, UAE — The Emirates Group has posted a net profit of AED10.1 billion ($2.7 billion) for the first half of 2023, surpassing its record half-year profit of AED4.2 billion ($1.2 billion) last year by 138 percent.
The Group also reported an EBITDA of AED20.6 billion ($5.6 billion), a significant improvement from AED15.3 billion ($4.2 billion) during the same period last year.
Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year. This was driven by strong demand for air transport worldwide, 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 ($11.6 billion) on 30th September 2023, compared to AED42.5 billion ($11.6 billion) on 31st March 2023.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, 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 organization, the strength of our business model, and the power of Dubai’s vision and policies that have enabled the creation of a strong, resilient, and progressive aviation sector.”
Emirates airline
Emirates profit for the first half of 2023-24 hit a new record of AED9.4 billion ($2.6 billion), compared to same period last year’s profit of AED4.0 billion ($1.1 billion). Emirates revenue, including other operating income, of AED59.5 billion ($16.2 billion) was up 19 percent compared with the AED50.1 billion ($13.7 billion) recorded in the same period last year.
The airline’s record performance is attributable to the strong passenger demand for international travel across markets and Emirates’ ability to activate capacity to match demand; and offer customers great value and services.
Driven by strong demand and increased operations during the six months, Emirates’ EBITDA grew by 33 percent to AED19.5 billion ($5.3 billion) compared to AED14.7 billion ($4 billion) for the same period last year.
dnata
dnata’s revenue, including other operating income, of AED9.3 billion ($2.5 billion) increased by 27 percent compared to AED7.3 billion ($2.0 billion) generated in the same period last year.
Overall profit for dnata is AED709 million ($193 million), compared to the same period last year’s AED236 million ($64 million).
dnata’s airport operations remain the largest contributor to revenue with AED4.1 billion ($1.1 billion), an 18 percent increase compared to the same period last year, as its airline customers’ operations continued to pick up particularly in Australia, Singapore, UK, and the UAE.
