DUBAI – The Emirates Group announced its highest-ever half-year financial performance on Thursday, posting a record profit before tax of Dh10.4 billion for the first six months of the 2024-25 fiscal year, outperforming its previous half-year record from last year. After accounting for the new nine percent UAE corporate income tax, introduced in 2023, the Group’s profit after tax stood at Dh9.3 billion.
Revenue for the group reached Dh70.8 billion, a five percent increase from the Dh67.3 billion reported during the same period last year. Additionally, the Emirates Group concluded the first half of 2024-25 with a cash position of Dh43.7 billion as of September 30, slightly down from Dh47.1 billion at the end of March 2024, reflecting substantial investments and a Dh2 billion dividend paid to the Group’s owner following the close of its 2023-24 financial year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, lauded the results, stating, “The group has surpassed its record performance of last year to deliver a fantastic result for the first half of 2024-25. This again illustrates the power of our proven business model working in combination with Dubai’s growth trajectory as a city of choice to live, work, visit, connect through, and do business in.”
Sheikh Ahmed emphasized that the strong financial position enables Emirates to continue investing in new products, advanced technologies, and innovations. “We’re investing billions of dollars to bring new products and services to the market for our customers,” he said, adding that maintaining employee well-being and safety is a top priority. Sheikh Ahmed also expressed optimism about continued demand through the remainder of the fiscal year, with new aircraft joining the Emirates fleet and dnata facilities expanding.
Emirates Airline Performance
Emirates Airline achieved a record profit before tax of Dh9.7 billion in the first half of 2024-25, up from Dh9.5 billion during the same period last year. After taxes, the airline’s profit stood at Dh8.7 billion. The airline’s revenue, including other operating income, increased by five percent to Dh62.2 billion, driven by consistent demand in both travel and air cargo segments.
Emirates saw a six percent rise in operating costs, primarily due to increased fuel expenses, which continue to account for 32 percent of the airline’s operating costs. Despite this, Emirates maintained robust earnings with an EBITDA of Dh19.1 billion, slightly down by two percent compared to last year.
dnata’s Expansion
The Group’s airport services subsidiary, dnata, reported strong revenue growth across its various business segments. dnata’s revenue, including other operating income, rose 11 percent to Dh10.4 billion in the first half of 2024-25. However, profit before tax decreased by five percent to Dh720 million, mainly due to a one-off impairment charge of Dh152 million. The company’s after-tax profit was Dh571 million.
dnata’s EBITDA was Dh1.3 billion, marking a 16 percent increase over the previous year. Its travel division performed notably well, with a 23 percent rise in revenue to Dh1.8 billion, spurred by contributions from Imagine Cruising, Destination Asia, and Middle East Corporate Travel.
The Emirates Group’s record performance showcases its resilience and growth amid global economic challenges. With plans to expand its fleet, services, and facilities, the Group remains optimistic about continuing its upward trajectory while addressing evolving market demands.
