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Emirates Group has announced an unprecedented financial performance in the first half of the 2024-25 fiscal year, with profit before tax soaring to AED 10.4 billion (US$2.8 billion), marking a 1% increase from the previous year’s record figures. This growth is driven by unparalleled customer demand across its various divisions, robust operational strategies, and Dubai’s prominence as a global hub for business and tourism.

Emirates Group’s Record-Breaking Performance
For the first six months of the fiscal year, Emirates Group’s revenue rose by 5%, reaching AED 70.8 billion (US$ 19.3 billion). This upsurge reflects Emirates’ strong positioning in both passenger travel and air cargo sectors. Emirates Airline contributed significantly to the Group’s earnings, generating AED 62.2 billion (US$ 16.9 billion) in revenue, a 5% increase from last year, with profit before tax reaching AED 9.7 billion (US$ 2.6 billion).

Chairman’s Statement on Performance and Future Investments
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, highlighted the factors fueling this exceptional performance. “The Group has surpassed its record performance of last year, demonstrating the strength of our business model aligned with Dubai’s vision as a world-leading city,” stated Sheikh Ahmed. With solid cash reserves, Emirates has reinvested profits into innovations, sustainable technologies, and enhanced customer experiences.

HH Sheikh Ahmed bin Saeed Al Maktoum – Chairman and Chief Executive Emirates Airline and Group.

Impact of UAE Corporate Tax and Financial Resilience
This fiscal year marks Emirates Group’s first experience with the UAE’s corporate tax, introduced in 2023, which applies a 9% tax on profits. Despite the new tax framework, Emirates Group demonstrated strong resilience with a solid after-tax profit of AED 9.3 billion (US$ 2.5 billion).

Operational Investments and Expansion
Emirates continues to reinvest in its infrastructure, as reflected in its substantial cash position of AED 43.7 billion (US$ 11.9 billion). The Group has allocated funds toward purchasing new freighter aircraft and addressing debt payments while continuing to pay dividends to its stakeholders. Emirates further announced its strategy to increase capacity by adding new aircraft to its fleet, reinforcing Dubai’s status as a central transit point.

Emirates Airline: Unmatched Global Connectivity
Throughout the first half of 2024, Emirates expanded its network by increasing flights to destinations such as Amsterdam, Manila, and Singapore and new routes to Bogotá and Madagascar. With strategic partnerships and interline agreements with seven new airlines, Emirates continues to enhance connectivity for its passengers, supporting a record customer preference for its services.

Product Enhancements and Premium Service Offerings
Emirates Airline’s retrofit program, valued at US$ 4 billion, introduced updated aircraft interiors across its fleet. The airline launched refurbished A380 and Boeing 777 jets featuring Premium Economy seating, lie-flat seats, and an array of new amenities to meet the growing demand for premium services. With the new cabins already deployed on significant routes, Emirates aims to introduce these upgrades on 10 additional routes by year-end.

dnata: Strategic Growth and Environmental Initiatives
dnata, Emirates Group’s ground-handling division, reported an 11% increase in revenue, reaching AED 10.4 billion (US$ 2.8 billion). This growth reflects dnata’s ground handling, catering, and retail services expansion, which continues to attract significant international contracts. In line with its environmental commitment, dnata announced initiatives to transition its ground support equipment to biodiesel and electric-powered vehicles, enhancing sustainability in operations across the UAE and Brazil.

Future Outlook and Continued Demand
Emirates Group is optimistic about sustained customer demand and expects to increase operational capacity as new aircraft join the fleet. Sheikh Ahmed emphasized that the Group remains agile in navigating an evolving market landscape, ensuring flexibility in deploying resources to effectively meet global demand.