Emirates Posts Best Ever Half-Year Profit, Smashing Previous Record By 138%

The Emirates Group, which includes its namesake airline and the Dnata ground handling company, has posted its best-ever half-year profit, smashing the previous record that was set last year by 138%.

The group recorded a US$ 2.7 billion profit for the first six months of the financial year from April to September 2023, on revenues of US$ 18.3 billion – nearly matching the profit the airline posted for the entire financial year in 2022/2023.

The vast bulk of that profit was made at Emirates Airline, which continues to see strong passenger demand across its network, including a resilient demand for destination Dubai.

“We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic,” commented Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates on Thursday.

“This is a tremendous achievement that speaks to the talent and commitment within the organisation, the strength of our business model, and the power of Dubai’s vision and policies that has enabled the creation of a strong, resilient, and progressive aviation sector,” Sheikh Al Maktoum continued.

Despite a slowing global economy and growing headwinds, including rising oil prices and currency fluctuations, as well as growing tensions in the Middle East, Emirates says it expects customer demand to remain strong for the remainder of the year.

The airline did, however, warn that it would remain “agile” in how it deploys its resources in what it described as a “dynamic marketplace”.

For the time being, though, the airline seems focused on growth, adding Airbus A380 services to a slew of destinations, launching a new non-stop flight to Montreal, and increasing capacity by 25% in the first six months of the year.

To support all this growth, the Emirates Group increased its global workforce by 6% to nearly 109,000 employees and is continuing to hold recruitment drives to match the airline’s ambitious expansion.

Emirates has now returned 104 Airbus A380s back to the skies, but around 17 of the double-deck superjumbos remain in long-term storage.