Emirates Group posts $2.8bn profit in H1 2024
Revenue grows 5% YoY
Dubai-based Emirates Group has reported its best-ever half-year financial performance, posting a profit before tax of $2.8 billion for the first six months of 2024-25.
This marks a new record for the Group, surpassing the previous year’s performance in the same period. However, the UAE’s new corporate income tax, introduced in 2023, impacted the Group’s financials. After accounting for the 9% tax charge, the Group’s profit after tax stood at $2.5 billion.
The strong performance was driven by solid revenue growth, which rose 5% year-on-year to $19.3 billion. Emirates Group’s EBITDA reached $5.6 billion, slightly down from $5.6 billion last year. Cash reserves at the period’s close stood at $11.9 billion, reflecting a solid financial position, even after dividends and investments in new aircraft and business expansions.
Emirates Airline
Emirates Airline continued its growth trajectory with significant network expansion, adding new routes and increasing flight frequency to critical cities. During the first half of 2024-25, Emirates boosted scheduled flights to eight destinations and launched new services to Phnom Penh, Bogota, and Madagascar. The airline also entered into new partnerships with seven global carriers, strengthening its connectivity and service offerings.
Emirates’ fleet modernisation programme also progressed, with eight aircraft undergoing retrofits, including three Airbus A380s and five Boeing 777s, as part of a broader $4 billion upgrade. This included introducing new cabin features such as the 1-2-1 seating arrangement with personal minibars in Business Class and expanded Premium Economy offerings. The airline plans to roll out these upgrades to 10 more routes by the end of the year.
Sustainability remained a key focus, with Emirates increasing its use of sustainable aviation fuel (SAF) and continuing its involvement in industry initiatives to reduce emissions. The airline also made significant investments in global brand visibility, including a new partnership with Wimbledon and an extension of its sponsorship with the International Cricket Council (ICC).
Emirates SkyCargo
Emirates SkyCargo, the airline’s air cargo division, saw a 16% increase in freight volumes, handling 1.2 million tonnes of cargo during the first half of 2024-25. Growth was fuelled by strong demand from markets such as China and increased shipments to and from Dubai. Emirates SkyCargo added a new Boeing 777 freighter and two leased Boeing 747 freighters to its fleet, placing an order for ten more Boeing 777 freighters to support future growth.
Dnata
Dnata: The Group’s global airport services and catering business also reported strong growth, with a 5% increase in revenue to $2.8 billion for the first half of 2024-25. Dnata’s operating profit before tax was $196 million, a slight decrease from last year due to a one-off impairment charge. However, the company saw an 11% revenue increase, driven by expanded airport operations and a boost in catering production to meet growing demand.
Dnata recorded a 23% revenue increase in its travel services division, due to strong performances in its Imagine Cruising and Destination Asia businesses. Dnata’s global footprint expanded with new ground handling operations in the USA and increased cargo handling capacity in Zurich, Switzerland.
Featured image: File photo of an Emirates passenger aircraft bound for New York’s JFK at Dubai International Airport on November 1, 2023. Credit: Arnold Pinto
Last Updated on 2 months by Arnold Pinto
