Emirates Group announces record half-year performance for 2023-24

The Emirates Group has reported its best-ever six-month financial performance for 2023-24, achieving a record half-year profit of AED 10.1 billion (US$ 2.7 billion), a 138% increase from the previous year. The group’s revenue also saw a substantial rise of 20%, reaching AED 67.3 billion (US$ 18.3 billion).

Emirates airline contributed significantly to this success, with a 19% increase in revenue to AED 59.5 billion (US$ 16.2 billion) and a profit of AED 9.4 billion (US$ 2.6 billion), up 134%. dnata, the group’s ground handling and catering subsidiary, experienced a 27% increase in revenue to AED 9.3 billion (US$ 2.5 billion) and a profit of AED 709 million (US$ 193 million), a 200% rise from the same period last year.

The group maintained a solid cash position of AED 42.7 billion (US$ 11.6 billion) and demonstrated resilience in the face of challenges such as rising fuel prices and geopolitical uncertainties. The group’s chairman, HH Sheikh Ahmed bin Saeed Al Maktoum, attributed the outstanding performance to strategic planning, operational flexibility, and ongoing investments in products and services.

Emirates airline expanded its global operations, added new routes, and entered codeshare agreements, contributing to a record profit of AED 9.4 billion. The airline’s EBITDA grew by 33%, reaching AED 19.5 billion (US$ 5.3 billion). Passenger traffic increased by 35%, with 26.1 million passengers carried. Emirates Skycargo uplifted 1,035,000 tonnes of cargo, showcasing resilience in the face of global market challenges.

dnata continued to grow across its businesses, winning new contracts and investing in innovative technology. The catering and airport services division contributed significantly to revenue, with a 27% increase to AED 9.3 billion. Overall, dnata reported a profit of AED 709 million, marking a substantial improvement from the previous year. The division’s airport operations, flight catering, and travel businesses all contributed to its success. The group remains optimistic for the second half of 2023-24, anticipating continued healthy customer demand across its business divisions while remaining vigilant about potential challenges such as rising fuel prices, inflation, and geopolitical factors.