Emirates Group has announced its best-ever half-year financial performance for the first half of the 2024-25 fiscal year. The Group reported a pre-tax profit of AED 10.4 billion (USD 2.8 billion), a 1% increase compared to the same period last year. Revenue also climbed 5% to AED 70.8 billion (USD 19.3 billion), driven by strong demand across its business divisions.

Key Financial Highlights

• Emirates Airline: Revenue rose by 5% to AED 62.2 billion (USD 16.9 billion), while pre-tax profit increased by 2% to AED 9.7 billion (USD 2.6 billion). The airline attributes this performance to robust passenger and cargo demand across all regions and its continuous investment in products and services.
• dnata: Revenue surged by 11% to AED 10.4 billion (USD 2.8 billion), boosted by expanded operations to meet rising customer demand. However, pre-tax profit declined by 5% to AED 720 million (USD 196 million), due to a one-off asset impairment charge of AED 152 million.

Net Profit Impacted by UAE Corporate Tax
This is the first fiscal year where Emirates Group is subject to the UAE corporate tax, introduced in 2023. After accounting for a 9% tax rate, the Group's post-tax profit stood at AED 9.3 billion (USD 2.5 billion).

Despite slightly lower EBITDA of AED 20.4 billion (USD 5.6 billion) compared to AED 20.6 billion (USD 5.6 billion) last year, the Group demonstrated strong operational profitability.

Cash Flow and Investments
As of September 30, 2024, the Group maintained a robust cash balance of AED 43.7 billion (USD 11.9 billion), down from AED 47.1 billion (USD 12.8 billion) in March 2024. Significant cash outflows included payments for new aircraft orders, debt repayments, and a AED 2 billion dividend paid to its shareholder.

Leadership Commentary

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, said:
"Once again, we have exceeded last year’s record performance, reaffirming our resilient business model and aligning with Dubai’s growth trajectory. Our strong profitability empowers us to reinvest billions into customer-centric innovations, cutting-edge technology, and rewarding our employees who deliver excellence every day."

Sheikh Ahmed expressed optimism for the remainder of the fiscal year, citing strong demand, fleet expansion, and dnata’s growing capabilities as key drivers of future growth.

Operational Developments

Emirates Airline

• Network Expansion: Emirates expanded flights to 8 cities and resumed daily services to Phnom Penh and Bogota. A new route to Madagascar via Seychelles was launched, bringing the airline’s global reach to 148 airports across 80 countries.
• Fleet Modernization: Emirates invested USD 4 billion in refurbishing 8 aircraft (3 A380s and 5 Boeing 777s). It also rolled out its enhanced premium economy class and new business class seating configurations.
• Sustainability: The airline used Sustainable Aviation Fuel (SAF) for the first time from Singapore and London Heathrow. Emirates also partnered with initiatives like AIREG and Cambridge University’s Aviation Impact Accelerator to support sustainable aviation R&D.

dnata

• Business Growth: Revenue increased across all divisions, particularly in airport operations and inflight catering. Key developments included:
  • Launching ground handling services at Raleigh-Durham International Airport in the U.S.
  • Increasing cargo storage capacity by 50% in Zurich.
  • Transitioning to biodiesel for all UAE-based vehicles and expanding electric equipment in Brazil and the UAE.
• Environmental Initiatives: dnata’s green investments supported its goal of reducing carbon emissions across its global operations.

Future Outlook

The Group anticipates continued strong demand for the remainder of 2024-25. Emirates plans to deploy additional refurbished aircraft on key routes, while dnata is set to expand its capacity and service offerings globally.

With record-breaking results and a clear focus on innovation and sustainability, Emirates Group is well-positioned to sustain its growth trajectory and maintain its industry leadership.