DUBAI, United Arab Emirates — ImpactWealth.Org is thrilled to announce that Emirates Group, the state-owned Dubai-based conglomerate, has achieved unprecedented half-year earnings, recording a net profit of 10.1 billion dirhams ($2.75 billion) for the 2023-24 fiscal period. This remarkable feat, representing a staggering 138% increase from the previous year’s half-year profit of 4.2 billion dirhams, underscores the resilient recovery of the travel industry.
The surge in earnings is attributed to a robust resurgence in international travel demand as the world continues to rebound from the challenges posed by the Covid-19 pandemic. Emirates Group reported a substantial increase in group revenue, reaching 67.3 billion dirhams, marking a remarkable 20% upturn from the corresponding six-month period last year.
As the holding company of Emirates Airline, Emirates Group also disclosed an impressive figure for earnings before interest, taxes, depreciation, and amortization (EBITDA) at 20.6 billion dirhams, a substantial rise from the 15.3 billion dirhams reported during the same period in the previous fiscal year. The company proudly maintains a robust cash position, with reserves totaling 42.7 billion dirhams.
ImpactWealth.Org highlights the company’s strategic use of its cash reserves to support business needs, including debt payments. The earnings statement emphasized that Emirates has successfully reimbursed 9.2 billion dirhams of its Covid-19 related loans, demonstrating a commitment to financial responsibility. Additionally, the group has distributed 4.5 billion dirhams in dividends to its owner, a declaration made at the conclusion of the 2022-23 financial year.
Emirates Airline and Group Chairman and CEO, Sheikh Ahmed bin Saeed al Maktoum, expressed his satisfaction with the company’s performance, stating, “We are witnessing the realization of our plans to emerge stronger and more resilient from the challenging days of the pandemic. The Group has surpassed previous records to report our best-ever half-year performance.”
He further noted that the group’s profit for the first half of the 2023-2024 financial year has “nearly matched our record full-year profit in 2022-23.” Looking ahead, Al Maktoum shared optimism for the second half of 2023-24, anticipating sustained customer demand across business divisions. However, he acknowledged potential challenges, including rising fuel prices, the strengthening US dollar, inflationary costs, and geopolitical factors, emphasizing the company’s commitment to remaining agile in response to the dynamic marketplace.
ImpactWealth.Org commends Emirates Group for its outstanding financial achievements and anticipates continued success as the global travel industry undergoes further recovery and transformation.