Emirates Group Reports Record Fiscal First Half 2023 Net Profit of $2.7 Billion
Emirates Group has reported a record fiscal first half (H1) 2023/24 net profit of AED 10.1 billion (US $2.7 billion) on a 20 percent year-over-year increase in revenue to AED 67.3 billion (US $18.3 billion).
On Thursday (November 9, 2023), Emirates Group reported their fiscal first half (H1) 2023/24 financial results for the period ending September 30, 2023. The Group reported a record H1 net profit of AED 10.1 billion, up 138 percent compared to the same period last year, on an increase in revenue of 20 percent to AED 67.3 billion (US $18.3 billion). Emirates Airline reported a profit of AED 9.4 billion (US $2.6 billion) on a year-over-year increase in revenue of 19 percent to AED 59.5 billion (US $16.2 billion). dnata’s first half profit was AED 709 million (US $193 million) on a 27 percent year-over-year increase in revenue to AED 9.3 billion (US $2.5 billion). At September 30, 2023, Emirates Group had AED 42.7 billion in cash (US $11.6 billion).
In Thursday’s announcement, Emirates Airline and Group’s Chairman and Chief Executive, His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, said,
“We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic. The Group has surpassed previous records to report our best-ever half-year performance. Our profit for the first six months of 2023-24 has nearly matched our record full year profit in 2022-23. This is a tremendous achievement that speaks to the talent and commitment within the organisation, the strength of our business model, and power of Dubai’s vision and policies that has enabled the creation of a strong, resilient, and progressive aviation sector.
“Across the Group, we’ve continued to ramp up operations safely and move nimbly to meet customer demand. We’ve implemented a series of service and product enhancements to win customer preference, and we’ll continue to invest in our people, products, partnerships, and technology to strengthen our capabilities and ensure we are future ready.
“For the second half of 2023-24, we expect customer demand across our business divisions to remain healthy and we will stay agile in how we deploy our resources in this dynamic marketplace. At the same time, we are keeping a close watch on headwinds such as rising fuel prices, the strengthening US dollar, inflationary costs, and geo-politics.”
Emirates ended the first half with 108,996 team members, up six percent from March 31, 2023. During the period, the carrier restored flagship Airbus A380 service to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai and Taiwan. As previously announced, in July the carrier added new service to Montreal, their second Canadian gateway. During the first six months of the fiscal year, Emirates entered enhanced codeshare and interline partnerships with eight airlines, including AEGEAN, Air Canada, Etihad Airways, Kenya Airways, Philippine Airlines, Maldivian, Sri Lankan Airlines and United Airlines. The airline’s codeshare with Qantas, established in 2013, has received approvals for an extension until 2027.
As of September 30, 2023, Emirates was operating passenger and cargo services to 144 airports, using their entire Boeing 777 fleet and 104 Airbus A380s. During the period, 10 A380s rolled out of the carrier’s retrofit program with completely refreshed cabins, including new Premium Economy seats, allowing the carrier to offer their latest onboard products on new routes, including New York-JFK, San Francisco, Los Angeles and Singapore.