Emirates Group soars to new heights with a record Profit of US$2.7 billion
Life
by Ruman Baig
4 hours ago
In a remarkable financial feat, the Emirates Group has unveiled its strongest six-month performance to date.
The aviation giant reported a staggering net profit of US$2.7 billion for the first half of the 2023-24 fiscal year, marking a remarkable 138% increase from the corresponding period last year.
Group revenue also reached unprecedented heights, standing at US$18.3 billion, a remarkable 20% year-on-year surge from US$15.3 billion. This robust financial growth has empowered the group to leverage its cash reserves for debt repayments, with Emirates proudly announcing the settlement of Dhs9.2 billion in Covid-19 related loans.
Additionally, the group distributed a substantial Dhs4.5 billion dividend to its owner.
Emirates airline, a flagship within the group, soared to new heights by reporting a record-breaking profit of US$2.6 billion for the first half of the fiscal year, a substantial leap from the previous year’s US$1.1 billion profit over the same period.
The airline’s revenue, inclusive of other operating income, demonstrated a robust 19% increase, reaching US$16.2 billion compared to the previous year’s US$13.7 billion. Impressively, Emirates carried a notable 26.1 million passengers between April 1 and September 30, 2023, reflecting a substantial 31% surge over the corresponding period last year.
Operating across a vast network, Emirates served 144 airports by the end of September, deploying its entire Boeing 777 fleet and a fleet of 104 A380s for both passenger and cargo services.
Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, expressed confidence in the future, stating, “Our profit for the first six months of 2023-24 has nearly matched our record full-year profit in 2022-23.” Anticipating continued robust demand in the second half of the fiscal year, he highlighted the group’s agility in deploying resources amidst a dynamic marketplace. However, Sheikh Ahmed also acknowledged challenges, including rising fuel prices, a strengthening US dollar, inflationary costs, and geopolitical uncertainties.
As the aviation giant continues its ascent, these financial milestones underscore its resilience and strategic prowess in navigating a complex global landscape.
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