Emirates Group's Record Mid-Year Results for 2024

DALLAS — Emirates Group has reported its financial results for the first half of the 2024-25 fiscal year, showing a steady performance with notable growth in some areas.

The Group's revenue reached AED70.8 billion (US$19.3 billion), up 5% from AED67.3 billion (US$18.3 billion) the previous year. However, EBITDA saw a slight decrease, remaining at AED20.4 billion (US$ 5.6 billion), down 1%. Profit before tax (PBT) edged up by 1% to AED 10.4 billion (US$2.8 billion), while profit after tax (PAT) declined by 8% to AED9.3 billion (US$2.5 billion), with the PAT margin dropping to 13.1%.

Emirates Airline Segment

‍Emirates Airlines (EK), the primary arm of the Group, posted a 5% increase in revenue, totaling AED 62.2 billion (US$ 16.9 billion). The airline’s EBITDA slightly decreased by 2% to AED19.1 billion (US$5.2 billion).

The PAT also dropped by 7% to AED8.7 billion (US$2.4 billion), and its PAT margin fell to 14%. Passenger numbers rose by 3% to 26.9 million, while the seat factor dipped slightly to 80%. The airline showed strong growth in cargo, up by 16%, reaching 1.2 million tonnes.

dnata Segment

‍The Group’s ground services subsidiary, dnata, achieved an 11% revenue increase to AED 10.4 billion (US$ 2.8 billion) and saw a significant 16% rise in EBITDA to AED1.3 billion (US$354 million). Nonetheless, dnata's PBT fell by 5% to AED 720 million (US$ 196 million), and PAT declined by 19% to AED571 million (US$156 million), with a PAT margin of 5.5%.

Cargo handling volumes for dnata increased by 18% to 1.5 million tonnes, while the travel services transaction value rose by 12%.

Overall, Emirates Group's first-year implementation of UAE’s corporate income tax has impacted profitability metrics, making comparisons with previous periods complex. Despite slight declines in PAT and cash reserves, the Group showed resilience and solid performance in passenger and cargo services.

Comments from Emirates CEO

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The Group has surpassed its record performance of last year to deliver a fantastic result for the first half of 2024-25. This again illustrates the power of our proven business model working in combination with Dubai’s growth trajectory as a city of choice to live, work, visit, connect through, and do business in.

“The Group’s strong profitability enables us to make the investments necessary for our continued success. We’re investing billions of dollars to bring new products and services to the market for our customers; to implement advanced technologies and other innovation projects to drive growth; and to look after our employees who work hard every day to ensure our customers’ safety and satisfaction.”

HH Sheikh Ahmed added: “We expect customer demand to remain strong for the rest of 2024-25, and we look forward to increasing our capacity to grow revenues as new aircraft join the Emirates fleet and new facilities come online at dnata. The outlook is positive, but we don’t intend to rest on our laurels. We will stay agile in deploying our capacity and resources in a dynamic marketplace.”