Emirates Group on Thursday announced its half-year results for the 2023-24 fiscal year, where it reported a record net profit of AED 10.1 billion ($2.7 billion), beating its half-year profit last year of AED 4.2 billion ($1.2 billion) by 138%.
The Group also reported an EBITDA of AED 20.6 billion (US$ 5.6 billion), a significant improvement from AED 15.3 billion (US$ 4.2 billion) during the same period last year, illustrating its strong operating profitability.
Group revenue was AED 67.3 billion (US$ 18.3 billion) for the first six months of 2023-24, up 20% from AED 56.3 billion (US$ 15.3 billion) last year. This was driven by strong demand for air transport across the world.
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The Group closed the first half year of 2023-24 with a solid cash position of AED 42.7 billion (US$ 11.6 billion) on 30 September 2023, compared to AED 42.5 billion (US$ 11.6 billion) on 31 March 2023. The Group has been able to tap on its own strong cash reserves to support business needs, including debt payments.
“The group’s record performance during the first six months of 2023-24 is the result of forward planning, agile business response and the efforts of our talented and committed employees,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Emirates Group.
To support increased operations and business activities, the Emirates Group’s employee base, compared to 31 March 2023, grew 6% to an overall count of 108,996 on 30 September 2023.
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