Emirates posts PAT of US$ 2.4 bn

The Emirates Group announced its best-ever half-year financial performance, posting a profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.

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’s profit after tax is AED 9.3 billion (USD 2.5 billion). Demonstrating its strong operating profitability, the Group maintained a robust EBITDA of AED 20.4 billion (US$ 5.6 billion), slightly lower from AED 20.6 billion (US$ 5.6 billion) last year. Group revenue was AED 70.8 billion (US$ 19.3 billion) for the first six months of 2024-25, up 5% from AED 67.3 billion (US$ 18.3 billion) last year. This reflects the consistently strong customer demand across business divisions, and across regions.

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. Emirates profit before tax for the first half of 2024-25 hit a new record of AED 9.7 billion (US$ 2.6 billion), compared to AED 9.5 billion (US$ 2.6 billion) for the same period last year. Emirates profit after tax (PAT) is AED 8.7 billion (US$ 2.4 billion).

Emirates revenue, including other operating income, of AED 62.2 billion (US$ 16.9 billion) was up 5% compared with AED 59.5 billion (US$ 16.2 billion) for the same period last year. Emirates’ direct operating costs (including fuel) grew by 6% in line with increased operations. Fuel remains the largest component of the airline’s operating cost (32%), compared to 34% in the same period last year. 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. The Group’s strong profitability enables us to make the investments necessary for our continued success.”

The Emirates Group’s employee base, compared to 31 March 2024, grew 3% to an overall count of 114,610 on 30 September 2024. dnata’s revenue, including other operating income, of AED 10.4 billion (US$ 2.8 billion) increased by 11% compared to AED 9.3 billion (US$ 2.5 billion) generated in the same period last year.

Overall profit before tax for dnata is AED 720 million (US$ 196 million), down by 5% from the same period last year, primarily due to a one-off impairment charge of AED 152 million. dnata profit after tax is AED 571 million (US$ 156 million). Illustrating its operating profitability, dnata’s EBITDA was AED 1.3 billion (US$ 354 million), up 16% from last year’s AED 1.1 billion (US$ 305 million).

dnata’s airport operations remains the largest contributor to revenue with AED 4.8 billion (US$ 1.3 billion), a 15% increase compared to the same period last year, as its airline customers’ operations continued to pick up particularly in Australia, Singapore, the UAE and UK. dnata’s flight catering and retail operations, contributed AED 3.7 billion (US$ 1.0 billion) to its revenue, up 8%.

dnata’s travel division contributed AED 1.8 billion (US$ 483 million) to revenue, up 23% compared to AED 1.4 billion (US$ 391 million) for the same period last year, with strong contributions from its Imagine Cruising, Destination Asia and Middle East Corporate Travel businesses.

Source:Daily News