In a testament to its resilience and strategic foresight, the Emirates Group has announced record-breaking financial results for the first half of the 2024-25 fiscal year. Amid an ever-evolving global aviation landscape, the Dubai-based aviation giant reported a pre-tax profit of AED 10.4 billion (US$2.8 billion), an impressive 1% increase compared to the same period last year. This performance underscores Emirates’ ability to leverage strong customer demand and operational efficiency across its diverse portfolio.
Revenues for the Group rose to AED 70.8 billion (US$19.3 billion), up 5% year-on-year. The consistent growth trajectory is indicative of its strategic positioning in the market and its ability to capitalize on the global rebound in air travel. EBITDA remained robust at AED 20.4 billion (US$5.6 billion), reflecting the Group’s solid financial health despite challenges such as fluctuating fuel costs and the introduction of the UAE’s 9% corporate income tax.
The flagship airline, Emirates, played a pivotal role in driving the Group’s remarkable results. The carrier posted a pre-tax profit of AED 9.7 billion (US$2.6 billion), a 2% increase over the previous year. Passenger demand has been a critical growth driver, with Emirates transporting 26.9 million passengers during the first six months of the fiscal year, up 3% year-on-year. The airline achieved an average seat load factor of 80%, underscoring the sustained global appetite for its premium services and expansive route network.
Revenue for the airline surged to AED 62.2 billion (US$16.9 billion), a 5% increase that highlights its ability to adapt and thrive in a competitive environment. This growth was fueled by strategic expansion initiatives, including the launch of new routes to Bogotá and Phnom Penh, as well as strengthened codeshare agreements that broadened connectivity for its customers. These efforts are reflective of Emirates’ commitment to maintaining its edge as a global aviation leader.
A key differentiator for Emirates has been its relentless focus on enhancing the customer experience. The airline continued its ambitious cabin retrofit program, completing upgrades on eight aircraft during the first half of the fiscal year. These retrofits, which include the introduction of updated Business Class seats and the expansion of Premium Economy cabins, are part of a broader initiative to redefine in-flight luxury. By the end of the year, over 30 routes will feature these upgraded cabins, further solidifying Emirates’ reputation for excellence.
Cargo operations have also been a standout performer. Emirates SkyCargo posted a 16% increase in transported volumes and an 11% rise in cargo yields. This growth is indicative of the airline’s ability to adapt to shifting market demands, particularly in the eCommerce sector. The addition of new freighters to its fleet has bolstered capacity, ensuring that Emirates remains a key player in the global air freight market.
On the ground, dnata, the Group’s air services division, demonstrated its resilience and adaptability. Revenue for dnata rose by 11% to AED 10.4 billion (US$2.8 billion), driven by increased demand for its ground handling, catering, and travel services. While its profit before tax dipped slightly to AED 720 million (US$196 million), dnata’s expanding global footprint and robust operational performance underscore its critical role within the Group.
The Group’s financial health is further evidenced by its strong cash reserves, which stood at AED 43.7 billion (US$11.9 billion) as of 30 September 2024. These reserves provide a solid foundation for ongoing investments in fleet expansion, technology, and sustainability initiatives. This financial strength also enables the Group to navigate challenges and capitalize on emerging opportunities with confidence.
Leadership has been a cornerstone of Emirates’ success. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, emphasized the importance of agility and customer-centricity in maintaining the company’s competitive edge. “Our strong profitability allows us to reinvest in our business, ensuring that we remain at the forefront of the industry,” he stated.
This forward-looking approach is evident in the Group’s recruitment efforts. With over 100,000 employees globally, Emirates continues to invest in its workforce, offering competitive packages and fostering a culture of innovation and excellence.
Sustainability is another area where Emirates is making significant strides. The airline has prioritized fuel efficiency and environmental stewardship, integrating advanced technologies across its operations. Initiatives such as fleet modernization and sustainable aviation fuel trials are central to its strategy, aligning with global efforts to reduce the industry’s carbon footprint.