Emirates reports record half-year profit exceeding Dh10 billion in Dubai
In a remarkable financial milestone, Dubai's Emirates Group announced a record-breaking net profit of Dh10.1 billion for the first six months of the fiscal year, marking a substantial 138% increase from the previous year's figure of Dh4.2 billion.
Emirates Group Achieves Record Half-Year Profit, Surpassing Previous Figures by 138%
The group demonstrated robust operating profitability, reporting an EBITDA of Dh20.6 billion, a notable improvement from the Dh15.3 billion recorded in the corresponding period last year.
Impressive revenue growth
Group revenue soared to Dh67.3 billion, representing a 20% surge from Dh56.3 billion in the same period last year. This growth was attributed to the heightened demand for air transport globally, a trend that gained momentum as pandemic-related travel restrictions were progressively lifted.
Solid Financial Position
As of September 30, 2023, the group closed the first half of the fiscal year with a robust cash position of Dh42.7 billion, showcasing stability compared to Dh42.5 billion on March 31, 2023.
Strategic Utilization of Cash Reserves
Leveraging its substantial cash reserves, the group efficiently addressed business needs, including debt payments. Emirates successfully repaid Dh9.2 billion of its COVID-19-related loans. Additionally, the group fulfilled its financial commitments by paying Dh4.5 billion in dividends to its owner, as declared at the conclusion of the 2022–23 financial year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, expressed optimism about the group's trajectory, stating, "We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic. The group has surpassed previous records to report our best-ever half-year performance."
Sustained growth strategies
The impressive financial results were attributed to a combination of factors, including the resilience of the business model, the commitment and talent within the organization, and the supportive policies and vision of Dubai. The group remains committed to enhancing the customer experience through service and product enhancements, strategic investments in people, products, partnerships, and technology, ensuring readiness for future challenges.