Emirates Group, the influential Dubai-based state-owned entity, is shattering records by posting an all-time high half-year profit of 10.1 billion dirhams ($2.75 billion) in the 2023-24 fiscal year, a rocketing 138% increase from the previous year's half-year profit of 4.2 billion dirhams.
The unprecedented profit success is largely attributed to strong international demand for travel as the industry continues to recover from the devastating effects of the COVID-19 pandemic. In addition, Emirates Group reported revenues of 67.3 billion dirhams, a 20% increase on the previous year's half-yearly earnings.
Emirates Group, of which major airline Emirates Airline is a subsidiary, posted an impressive earnings before interest, tax, depreciation and amortisation (EBITDA) of 20.6 billion dirhams. The figure marked a significant increase from the 15.3 billion dirhams recorded in the same period last year. If we look at the financial health of the organisation, we find that its cash position stands at 42.7 billion dirhams.
In line with its earnings statement, this has enabled Emirates Group to leverage its robust cash reserves to withstand business necessities, including managing debt repayments. The statement further said that Emirates has repaid 9.2 billion dirhams of its loans related to the Covid-19 pandemic. It also disclosed a dividend payout of 4.5 billion dirhams to its owner, which was declared at the close of the 2022-23 financial year.