Emirates Group employees. — Photo courtesy of Emirates Group

Emirates Group has announced its best-ever six-month financial result. The group is reporting a 2023-24 half-year net profit of AED10.1 billion (US$2.7 billion), surpassing its record half-year profit of AED4.2 billion ($1.2 billion) last year by 138 per cent.

The group also reported earnings before interest, tax, depreciation and amortisation (EBITDA) of AED20.6 billion ($5.6 billion), a significant improvement from AED15.3 billion ($4.2 billion) during the same period last year, illustrating its strong operating profitability.

Emirates Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 per cent from AED56.3 billion ($15.3 billion) last year. This was driven by strong demand for air transport across the world, which has been on an upward trajectory since the last pandemic travel restrictions were lifted.

By 30 September, Emirates was operating passenger and cargo services to 144 airports, utilising its entire Boeing 777 fleet and 104 A380s.

Overall capacity during the first six months of the year increased by 25 per cent to 28.5 billion Available Tonne Kilometres (ATKM) due to an expanded flight programme. Capacity measured in Available Seat Kilometres (ASKM), increased by 30 per cent, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 35 per cent with an average Passenger Seat Factor of 81.5 per cent, compared with 78.5 per cent during the same period last year.

Emirates carried 26.1 million passengers between April 1 and September 30, 2023, up 31 per cent from the same period last year.

Emirates Skycargo uplifted 1,035,000 tonnes in the first six months of the year, an 11 per cent increase compared to the same period last year despite an overall softening in the global cargo market.

Emirates profit for the first half of 2023-24 hit a new record of AED9.4 billion ($2.6 billion), compared to the 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 per cent compared with the AED50.1 billion ($13.7 billion) recorded in the same period last year.

dnata’s revenue, including other operating income, of AED9.3 billion ($2.5 billion) increased by 27 per cent 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). — VNS