The Emirates Group has reported a $2.8bn profit before tax for the first six months of 2024, describing it as its best-ever half-year financial performance.
This performance surpassed its profit-before-tax record for the same period last year.
A statement by the media consultant to the airline in Nigeria stated 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 nine per cent tax charge, the group’s profit after tax is AED 9.3bn ($2.5bn).
Group revenue was AED 70.8bn ($19.3 bn) for the first six months of 2024, up five per cent from AED 67.3 bn ($18.3 bn) last year.
According to the group, this reflects the consistently strong customer demand across business divisions and regions.
The group closed the first half year of 2024 with a cash position of AED 43.7 bn ($11.9bn) on September 30, 2024, compared to AED 47.1 bn ($12.8bn) on March 31, 2024.
The group said it has been able to tap on its strong cash reserves to support business needs, including payments for new freighter aircraft orders and other debt payments.
The group also declared a dividend of AED 2bn to its owner at the end of its 2023-24 financial year.
Chairman of Emirates Airline and Group, Ahmed Al Maktoum, said, “The group has surpassed its record performance last year to deliver a fantastic result for the first half of 2024-25. This again illustrates the power of our proven business model working in combination with Dubai’s growth trajectory as a city of choice to live, work, visit, connect through, and do business in.
“The group’s strong profit enables us to make the investments necessary for our continued success. We’re 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’ safety and satisfaction.
