The Emirates Group achieved a record profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first half of 2024-25, surpassing the previous year's performance. After accounting for the 9% corporate income tax introduced by the UAE in 2023, the Group's profit after tax stood at AED 9.3 billion (US$ 2.5 billion). Despite a small decrease in EBITDA from AED 20.6 billion (US$ 5.6 billion) to AED 20.4 billion (US$ 5.6 billion), the Group’s overall performance demonstrated strong operating profitability. Group revenue rose 5% to AED 70.8 billion (US$ 19.3 billion), driven by sustained customer demand across all business divisions and regions. As of 30 September 2024, the Group's cash position stood at AED 43.7 billion (US$ 11.9 billion), slightly down from AED 47.1 billion (US$ 12.8 billion) in March 2024, after paying a dividend of AED 2 billion for the 2023-24 financial year.

Sheikh Ahmed's Statement

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, expressed pride in the Group’s record performance, highlighting how Dubai’s growth as a global hub for business and tourism contributes to the Group's success. He emphasized the importance of continued investments in innovation, technology, and employee welfare to maintain this momentum. Sheikh Ahmed also noted that Emirates will expand capacity with new aircraft and dnata will ramp up operations to meet customer demand, and both divisions are prepared to adapt quickly to changes in the dynamic marketplace.

Employee Growth

The Group’s employee base grew by 3% to 114,610 employees as of September 30,  2024, compared to March 31, 2024. Both Emirates and dnata have active recruitment drives to meet their expanding business needs.

Emirates Airline Expansion

Emirates expanded its network by increasing scheduled flights to 8 cities, including Amsterdam, Cebu, and Singapore, and reintroduced daily services to Phnom Penh, Cambodia. The airline also launched new routes such as Bogotá via Miami and Madagascar via the Seychelles, bringing its passenger and cargo network to 148 airports in 80 countries by 30 September. Emirates entered into new codeshare and interline agreements with seven partners, including AirPeace and ITA Airways, further enhancing connectivity for its customers. Additionally, 8 aircraft, including 3 A380s and 5 Boeing 777s, were retrofitted as part of its US$ 4 billion program, which includes new cabin products like Emirates Premium Economy and the upgraded 777 featuring a new Business Class layout with personal minibars. Over the next six months, 10 more routes will receive retrofitted aircraft, expanding Emirates' premium product offering.

Environmental and Brand Initiatives

Emirates advanced its environmental efforts by using sustainable aviation fuel (SAF) at its airports in Singapore and London Heathrow. The airline also joined the Aviation Initiative for Renewable Energy (aireg) in Germany and became an industry partner of the University of Cambridge’s Aviation Impact Accelerator, supporting research on emissions reduction pathways. These efforts were part of Emirates’ broader sustainability strategy, which includes a dedicated US$ 200 million fund for R&D in aviation sustainability.

In terms of brand visibility, Emirates secured a significant new sponsorship deal as the Official Airline Partner of The Championships – Wimbledon, extending its existing partnerships with the International Cricket Council (ICC) and SL Benfica football club.

Performance Metrics

Emirates increased capacity by 5% to 29.9 billion Available Tonne Kilometres (ATKM) and 4% in Available Seat Kilometres (ASKM). Passenger traffic grew by 3%, with 26.9 million passengers carried, while the airline’s load factor dropped slightly to 80.0% from 81.5% the previous year. Emirates SkyCargo saw a significant 16% increase in volumes, handling 1.2 million tonnes of cargo. Revenue from Emirates, including other operating income, rose to AED 62.2 billion (US$ 16.9 billion), up 5% from AED 59.5 billion (US$ 16.2 billion) in the previous year. The airline’s profit before tax reached a new high of AED 9.7 billion (US$ 2.6 billion), a 2% increase from last year. Operating costs, including fuel, grew by 6%, with fuel continuing to be the largest component of the operating cost at 32%, compared to 34% in the same period last year.

dnata’s Performance

dnata also saw strong growth, with an 11% increase in revenue to AED 10.4 billion (US$ 2.8 billion). Despite a one-off impairment charge, dnata’s profit before tax was AED 720 million (US$ 196 million), down 5% from the previous year. However, the division’s EBITDA showed a 16% increase, reaching AED 1.3 billion (US$ 354 million), reflecting improved operational efficiency. dnata continued to grow its airport services and catering divisions, securing significant new contracts and expanding its customer base.

dnata’s Business Growth

In the first half of 2024-25, dnata expanded its operations with a new ground handling service at Raleigh-Durham International Airport and continued to invest in its fleet, including the purchase of over US$ 210 million worth of new ground support equipment (GSE). The company also increased its cargo handling capacity in Zurich by 50%, adding new warehouse space to meet demand. dnata's environmental strategy progressed with investments to convert its non-electric airside vehicles to biodiesel in the UAE and adding more electric GSEs in Brazil and the UAE.

Revenue and Divisions

dnata’s airport services division, which handles airline operations, grew 15% to AED 4.8 billion (US$ 1.3 billion), driven by higher volumes in Australia, Singapore, the UAE, and the UK. dnata’s catering and retail division contributed AED 3.7 billion (US$ 1.0 billion), up 8%, thanks to increased production in Australia and the UK. The travel division reported a 23% increase in revenue to AED 1.8 billion (US$ 483 million), bolstered by strong performance from Imagine Cruising, Destination Asia, and Middle East Corporate Travel. The division’s total transactional value (TTV) sales rose to AED 4.5 billion (US$ 1.2 billion), compared to AED 4.1 billion (US$ 1.1 billion) in the same period last year.