Martin Dufek, source: Emirates
Emirates Group reported a record half-year profit of AED 10.1 billion ($2.7 billion), up 138% on the same period last year.
Group revenue for the first six months was AED 67.3 billion ($18.3 billion), up 20% from AED 56.3 billion ($15.3 billion) last year. This was helped by strong demand for air travel worldwide, which has been on an upward trend since the last pandemic travel restrictions were lifted.
The Group closed the first half of the year with a solid cash position of AED 42.7 billion ($11.6 billion) as at 30 September 2023 compared to AED 42.5 billion ($11.6 billion) as at 31 March 2023. The Group was able to use its own strong cash reserves to support business needs, including debt repayments. Emirates has so far repaid AED 9.2 billion in loans related to the COVID-19 program. The group also paid its owner a dividend of AED 4.5 billion, which it declared at the end of its 2022-23 financial year.
Emirates continued to increase the number of its flights around the world and increase the capacity and number of connections through its Dubai hub to meet customer demand in all markets. In the first half of the year, the airline resumed A380 operations to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai and Taiwan.