Emirates has reported a record half year 2024/25 pre-tax profit of AED 10.4 billion (US $2.8 billion on a 5.0 percent year-over-year increase in revenue to AED 70.8 billion (US $19.3 billion).
On Thursday (November 7, 2024), Emirates announced their fiscal half year 2024/25 financial results for the period ending September 30, 2024. The Group reported a record pre-tax profit of AED 10.4 billion (US $2.8 billion) on a year-over- year increase in revenue of 5.0 percent to AED 70.8 billion (US $19.3 billion). Emirates Airline’s half year pre-tax profit increased 2.0 percent versus the same period last year to AED 9.7 billion (US $2.6 billion), while dnata’s half year pre-tax profit increased 11 percent to AED 720 million (US $196 million) on an 11 percent increase in revenue to AED 10.4 billion (US $2.8 billion). With the UAE’s corporate income tax of 9.0 percent enacted in 2023 applied, Emirates Group’s half year net profit totaled AED 9.3 billion (US $5.6 billion).
In Thursday’s announcement, Emirates Airline and Group’s Chairman and CEO, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said,
“The Group has surpassed its record performance of last year to deliver a fantastic result for the first half of 2024-25. This again illustrates the power of our proven business model working in combination with Dubai’s growth trajectory as a city of choice to live, work, visit, connect through, and do business in.
“The Group’s strong profitability enables us to make the investments necessary for our continued success. We’re investing billions of dollars to bring new products and services to the market for our customers; to implement advanced technologies and other innovation projects to drive growth; and to look after our employees who work hard every day to ensure our customers’ safety and satisfaction.
“We expect customer demand to remain strong for the rest of 2024-25, and we look forward to increasing our capacity to grow revenues as new aircraft join the Emirates fleet and new facilities come online at dnata. The outlook is positive, but we don’t intend to rest on our laurels. We will stay agile in deploying our capacity and resources in a dynamic marketplace.”
At September 30, 2024, the Group had $43.7 billion (US $11.9 billion) in cash, down from AED 47.1 billion (US $12.8 billion) at March 31, 2024. During the period the Group also paid AED 2.0 billion in dividends to its owner, as declared at the end of FY2023/24.
During H1 2024/24 Emirates increased scheduled service to eight destinations, including Amsterdam, Cebu, Clark, Luanda, Lyon, Madrid, Manila and Singapore. Last May, the carrier resumed daily service to Phnom Penh in Cambodia via Singapore, and also launched daily service to Bogotá (Colombia) via Miami. In September 2024, the carrier also opened a new route to Madagascar via the Seychelles.
Additionally, during the first six months of 2024/25, Emirates signed seven new codeshare, interline and intermodal partner agreements with AirPeace, Avianca, BLADE, ITA Airways, Iceland Air, SNCF Railway, and Viva Aerobus.
From the period from April 1st through September 30, 2024, Emirates rolled out eight fully refreshed aircraft, including three Airbus A380s and five Boeing 777s, enabling the carrier to deploy their latest cabin products. The first retrofitted Emirates 777 was deployed to Geneva in August, followed by Tokyo Haneda and Brussels. Over the next six months, the updated 777s will also be deployed to Riyadh, Zurich, Kuwait, Damman, Chicago, Boston, Dallas Fort Worth, Seattle, Newark-Athens and Miami-Bogota. By the end of 2024, the latest A380 and B777 experience will be available to customers on over 30 routes.
Emirates SkyCargo carried 1,198,000 tonnes during the first half of the year, a 16 percent increase compared to the same period last year. SkyCargo was able to meet to the increased capacity thanks to the addition of one new Boeing 777 Freighter, plus two additional wet-leased Boeing 747 Freighters. Additionally, during the first six months of FY 2024/25, Emirates placed orders for 10 additional Boeing 777 Freighters to support continued growth.
Source: Emirates
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