Emirates Group Reports Record Half-Year Profit of AED 10.4 Billion
Staff Report :
The Emirates Group has reported its most successful half-year financial results to date, with a pre-tax profit of AED 10.4 billion (US$ 2.8 billion) for the first half of 2024-25, surpassing the previous year’s record for the same period.
This marks the first fiscal year that the Emirates Group is subject to the UAE’s corporate income tax, introduced in 2023. After accounting for the 9% tax rate, the Group’s post-tax profit amounts to AED 9.3 billion (US$ 2.5 billion).Emirates Brings Back “My Emirates Pass” with Exclusive Offers Across Dubai and the UAE
Highlighting its strong operational profitability, the Group posted a healthy EBITDA of AED 20.4 billion (US$ 5.6 billion), slightly down from AED 20.6 billion (US$ 5.6 billion) last year.
Revenue for the first half of 2024-25 reached AED 70.8 billion (US$ 19.3 billion), reflecting a 5% increase from AED 67.3 billion (US$ 18.3 billion) in the same period the previous year. This growth indicates sustained strong demand from customers across all business sectors and regions.
As of 30 September 2024, the Group reported a solid cash balance of AED 43.7 billion (US$ 11.9 billion), compared to AED 47.1 billion (US$ 12.8 billion) as of 31 March 2024. The Group has used its cash reserves strategically to meet various business needs, including payments for new freighter aircraft and other financial obligations. Additionally, AED 2 billion in dividends was paid to its owner, as announced at the conclusion of the 2023-24 financial year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and the Emirates Group, commented: “The Group has exceeded last year’s record performance, achieving an outstanding result for the first half of 2024-25. This reinforces the strength of our proven business model, which, coupled with Dubai’s continued growth as a prime global hub for living, working, travel, and business, drives our success.”
He further added, “Our strong profitability empowers us to continue investing in the innovations necessary for our future success. We’re investing billions of dollars in new products and services for our customers, advanced technologies, and innovation projects that drive growth, while also ensuring the well-being of our employees who work tirelessly to ensure customer satisfaction and safety.”
Sheikh Ahmed also shared expectations for the remainder of 2024-25: “We anticipate robust customer demand throughout the year and look forward to enhancing our capacity to grow revenues as new aircraft join the Emirates fleet and new facilities come online at dnata. While the outlook remains positive, we will remain agile, continually adjusting our capacity and resources in a dynamic market.”
In response to increased operations and business expansion, the Emirates Group’s workforce grew by 3%, reaching a total of 114,610 employees by 30 September 2024, compared to 31 March 2024. Both Emirates and dnata continue to hire to meet their future needs.
