The Emirates Group has announced its best-ever half-year financial performance, reporting a profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25. This marks a significant increase over the same period last year, continuing the Group’s strong financial momentum.
For the first time, the UAE corporate income tax, enacted in 2023, was applied to the Emirates Group. After accounting for a 9% tax charge, the Group’s profit after tax stands at AED 9.3 billion (USD 2.5 billion). The Group also maintained a robust EBITDA of AED 20.4 billion (US$ 5.6 billion), slightly lower than the AED 20.6 billion (US$ 5.6 billion) recorded last year, reflecting stable operating profitability despite global market fluctuations. Revenues for the first half of 2024-25 reached AED 70.8 billion (US$ 19.3 billion), a 5% increase from AED 67.3 billion (US$ 18.3 billion) in the previous year.
This growth is attributed to sustained strong customer demand across the Group’s business segments and regions. As of 30 September 2024, the Group closed the first half of the year with a strong cash position of AED 43.7 billion (US$ 11.9 billion), although down from AED 47.1 billion (US$ 12.8 billion) at the end of March 2024.
The Group utilized its cash reserves to support various operational needs, including payments for new aircraft and other debt obligations. Additionally, a dividend of AED 2 billion was paid to its owner at the end of the 2023-24 financial year.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, expressed his satisfaction with the Group’s performance, attributing it to the synergy between Emirates’ business model and Dubai’s growth as a global hub. “The strong profitability allows us to invest billions in new products, services, and advanced technologies to fuel further growth,” said Sheikh Ahmed.
The Group anticipates continued strong customer demand through the rest of 2024-25, with new aircraft joining the Emirates fleet and expanded facilities at dnata. The company plans to remain agile and responsive in a dynamic market. The Emirates Group also expanded its workforce by 3 percent, bringing its total employee count to 114,610 as of 30 September 2024.
Both Emirates and dnata have ongoing recruitment efforts to support future growth and operations.
