Emirates Group records its best-ever half-year performance with profit before tax of AED 10.4 billion (US$2.8 billion), up 1 per cent compared to the same period last year. — Photo courtesy of the group
The Emirates Group has announced its best-ever half-year financial performance, posting a profit before tax of AED10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.
This is the first financial year that the UAE corporate income tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group’s profit after tax is AED9.3 billion ($2.5 billion).
Demonstrating its strong operating profitability, the group maintained a robust EBITDA of AED 20.4 billion ($5.6 billion), slightly lower from AED20.6 billion ($5.6 billion) last year.
Group revenue was AED70.8 billion ($19.3 billion) for the first six months of 2024-25, up 5 per cent from AED67.3 billion ($18.3 billion) last year. This reflects the consistently strong customer demand across business divisions and across regions.
The group closed the first half year of 2024-25 with a solid cash position of AED43.7 billion ($11.9 billion) on 30 September 2024, compared to AED47.1 billion ($12.8 billion) on 31 March 2024. The group has been able to tap on its own strong cash reserves to support business needs, including payments for new freighter aircraft orders and other debt payments. The group also paid AED2 billion in dividends to its owner, as declared at the end of its 2023-24 financial year.
To support increased operations and business activities, the Emirates Group’s employee base, compared to 31 March 2024, grew 3 per cent to an overall count of 114,610 on 30 September 2024. Both Emirates and dnata have ongoing recruitment drives to support their future requirements.
Emirates continued to enhance its network and increase connectivity options through its Dubai hub. Overall capacity during the first six months of the year increased by 5 per cent to 29.9 billion Available Tonne Kilometres (ATKM) due to expanded flight operations. Capacity measured in Available Seat Kilometres (ASKM), increased by 4 per cent, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 2 per cent with an average Passenger Seat Factor of 80 per cent, compared with 81.5 per cent during the same period last year. Emirates carried 26.9 million passengers between April 1 and September 30, 2024, up 3 per cent from the same period last year.
Emirates SkyCargo transported 1.198 million tonnes in the first six months of the year, up 16 per cent compared to the same period last year, with notable volume contributions from strong Chinese eCommerce traffic, and a rise in shipments bound for Dubai.
Emirates, established in 1985, is one of the world’s largest and most recognized international airlines. Headquartered in Dubai, Emirates operates a modern fleet of over 260 aircraft, serving more than 140 destinations across six continents. The airline currently operates daily flights from Hà Nội and HCM City to Dubai. — VNS