Emirates Group reports record half-year profit despite new tax

The Emirates Group has recorded its highest-ever half-year financial results, achieving a pre-tax profit of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing the previous record for the same period last year.

This is the Group’s first financial year subject to the UAE’s corporate income tax, introduced in 2023. After the 9% tax charge, net profit stands at AED 9.3 billion (US$ 2.5 billion).

Despite a slight drop from AED 20.6 billion last year, the Group sustained a solid EBITDA of AED 20.4 billion (US$ 5.6 billion), underscoring strong operational profitability. Group revenue reached AED 70.8 billion (US$ 19.3 billion) in the first half of 2024-25, up 5% from AED 67.3 billion (US$ 18.3 billion) last year, driven by consistent customer demand across business divisions and regions.

As of September 30, 2024, the Group reported a robust cash position of AED 43.7 billion (US$ 11.9 billion), down from AED 47.1 billion (US$ 12.8 billion) on March 31, 2024. The Group utilised its substantial cash reserves to support operations, including payments for new freighter aircraft and debt repayments. Additionally, AED 2 billion in dividends was paid to its owner, as declared at the close of the 2023-24 financial year. Emirates continued to expand its network from its Dubai hub, increasing scheduled flights to eight cities, including Amsterdam, Cebu and Singapore.

In May, Emirates resumed daily flights to Phnom Penh, Cambodia, via Singapore. In June, the airline launched daily services to Bogotá, Colombia, via Miami, strengthening its South American presence. In September, Emirates introduced a new route to Madagascar via the Seychelles, bringing its passenger and cargo network to 148 airports in 80 countries as of September 30.

To enhance customer connectivity, Emirates entered seven new agreements with codeshare, interline and intermodal partners, including AirPeace, Avianca and Iceland Air, in the first half of 2024-25.

From April 1 to September 30, eight aircraft (three A380s and five Boeing 777s) were upgraded through the airline’s US$ 4 billion retrofit programme. This allowed Emirates to deploy its newest cabin offerings, including its four-class Boeing 777 with a refreshed 1-2-1 Business Class layout, complete with lie-flat seats and personal minibars, as well as the popular Premium Economy.