The Emirates Group has reported its best-ever half-year financial performance, with a profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its previous record for the same period last year. This is the first financial year in which the UAE’s corporate income tax, implemented in 2023, has applied to the Group. After accounting for a 9% tax charge, profit after tax stands at AED 9.3 billion (USD 2.5 billion). The Group’s EBITDA remains robust at AED 20.4 billion (US$ 5.6 billion), slightly down from AED 20.6 billion (US$ 5.6 billion) in the same period last year. Group revenue reached AED 70.8 billion (US$ 19.3 billion), a 5% increase from AED 67.3 billion (US$ 18.3 billion) last year, reflecting strong and sustained customer demand across various divisions and regions.
As of 30 September 2024, the Emirates Group held a solid cash position of AED 43.7 billion (US$ 11.9 billion), down from AED 47.1 billion (US$ 12.8 billion) on 31 March 2024. The Group utilized cash reserves for business support, including new freighter aircraft orders, debt payments, and a dividend payout of AED 2 billion to its owner as declared at the end of the 2023-24 financial year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group stated, “The Group has surpassed last year’s record performance, delivering exceptional results for the first half of 2024-25. This achievement underscores our successful business model in alignment with Dubai’s rapid growth as a top destination for living, working, visiting, and doing business.
“Our strong profitability allows us to invest significantly in new products, services, advanced technologies, and innovation projects to drive growth. We remain committed to supporting our employees, who ensure our customers’ safety and satisfaction daily.”
Looking ahead, Sheikh Ahmed added, “We expect customer demand to stay strong through the remainder of 2024-25. As we expand capacity with new aircraft for Emirates and new facilities at dnata, we anticipate continued revenue growth. However, we remain prepared to adapt swiftly in a dynamic marketplace.”
The Emirates Group’s workforce grew by 3% from 31 March 2024 to 114,610 employees as of 30 September 2024, with active recruitment ongoing at Emirates and Dnata to support future growth.
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