Emirates Group announced a pre-tax profit of $2.8 billion for the first half of 2024, setting a new milestone as its strongest half-year financial outcome to date. This achievement surpasses the record set in the same period last year.
A release from the airline’s media representative in Nigeria noted that this is the group’s first financial year impacted by the UAE’s corporate income tax, introduced in 2023. After accounting for a nine percent tax rate, Emirates Group reported an after-tax profit of AED 9.3 billion ($2.5 billion).
The company’s revenue for the first half of 2024 amounted to AED 70.8 billion ($19.3 billion), showing a five percent growth from AED 67.3 billion ($18.3 billion) in the same period last year. This increase reflects continued high demand across various regions and business divisions within the group.
As of September 30, 2024, the group reported a cash balance of AED 43.7 billion ($11.9 billion), a decrease from AED 47.1 billion ($12.8 billion) as of March 31, 2024. This cash position has allowed Emirates Group to support its operations, including payments for new freighter aircraft and debt settlements.
At the conclusion of its 2023-24 financial year, the group declared a dividend of AED 2 billion to its ownership. Emirates Airline and Group Chairman Ahmed Al Maktoum remarked, “The group has once again surpassed last year’s performance, delivering remarkable results for the first half of 2024-25. This success showcases the strength of our business model and the strategic growth of Dubai as a top destination for living, working, visiting, and business.”
Al Maktoum added that the group’s strong profits will drive further investment. “We are channeling billions into new services, cutting-edge technology, and other innovations that will fuel our future. We’re also investing in our workforce, whose dedication ensures our customers’ safety and satisfaction every day,” he said.
