Emirates Group reports record $2.7 billion annual profit

Emirates Group recorded the best semi-annual financial results in its history during the first half of the current financial year of the company (2023-2024), with a net profit of AED 10.1 billion ($2.7 billion), a growth of 138% over the same period last year.

The largest share of profits was for “Emirates Airlines,” whose profits jumped 134% from the first half of the previous fiscal year, reaching 9.4 billion dirhams (2.6 billion dollars).

The group’s profits were $193 million, compared with $64 million for the corresponding six months of the previous fiscal year.

According to a statement issued today, the group’s revenue was 67.3 billion dirhams ($18.3 billion) with 20% growth. This growth is mainly due to strong demand for air transport across the world, which has continued its upward trajectory since the latest travel restrictions were lifted due to the coronavirus pandemic.

Emirates Group has also completed the first half of its fiscal year with a cash position of 42.7 billion dirhams ($11.6 billion).

Emirates Group has been able to take advantage of its cash reserves to pay off debts that have so far reached AED 9.2 billion in loans linked to the coronavirus pandemic.