{"id":244419,"date":"2024-11-11T06:15:00","date_gmt":"2024-11-10T23:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=244419"},"modified":"2024-11-10T23:15:44","modified_gmt":"2024-11-10T16:15:44","slug":"emirates-group-reports-record-half-year","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2024\/11\/emirates-group-reports-record-half-year\/","title":{"rendered":"Emirates Group reports record half-year"},"content":{"rendered":"\n

DUBAI, UAE, 07 November 2024: The Emirates Group announced Friday its best-ever half-year financial performance, posting a profit before tax <\/strong>of AED 10.4 billion (USD2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.<\/p>\n\n\n\n

This is the first financial year that the UAE corporate income tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9% tax charge, the Group\u2019s profit after tax<\/strong> is AED 9.3 billion (USD2.5 billion).<\/p>\n\n\n

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Demonstrating its strong operating profitability, the Group maintained a robust EBITDA <\/strong>of AED 20.4 billion (USD5.6 billion), slightly lower from AED 20.6 billion (USD5.6 billion) last year.<\/p>\n\n\n\n

Group revenue<\/strong> was AED 70.8 billion (USD19.3 billion) for the first six months of 2024-25, up 5% from AED 67.3 billion (USD18.3 billion) last year. This reflects consistently strong customer demand across business divisions and regions.<\/p>\n\n\n\n

The Group closed the first half year of 2024-25 with a solid cash position of AED 43.7 billion (US$ 11.9 billion) on 30 September 2024, compared to AED 47.1 billion (US$ 12.8 billion) on 31 March 2024. The Group has been able to tap into its own strong cash reserves to support business needs, including payments for new freighter aircraft orders and other debt payments. The Group also paid AED 2 billion in dividends to its owner, as declared at the end of its 2023-24 financial year.<\/p>\n\n\n

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His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group<\/strong> said: \u201cThe Group has surpassed its record performance of last year to deliver a fantastic result for the first half of 2024-25\u2026The Group\u2019s strong profitability enables us to make the investments necessary for our continued success. We\u2019re 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\u2019 safety and satisfaction.\u201d<\/p>\n\n\n\n

HH Sheikh Ahmed<\/strong> added: \u201cWe 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\u2019t intend to rest on our laurels. We will stay agile in deploying our capacity and resources in a dynamic marketplace.\u201d<\/p>\n\n\n\n

Emirates airline<\/strong><\/p>\n\n\n\n

Emirates continued to enhance its network and increase connectivity options through its Dubai hub. During the first half of 2024-25, Emirates increased scheduled flights to 8 cities: Amsterdam, Cebu, Clark, Luanda, Lyon, Madrid, Manila and Singapore.<\/p>\n\n\n\n

In May, Emirates restarted daily services to Phnom Penh in Cambodia via Singapore. In June, it launched daily services to Bogot\u00e1 via Miami, expanding the airline\u2019s South American presence to Colombia. In September, Emirates opened a new route to Madagascar via the Seychelles \u2013 taking its passenger and cargo network to 148 airports in 80 countries by 30 September.<\/p>\n\n\n\n

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