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Dubai: Emirates announces largest half-year profit in its history: more than Dh10 billion – News

Published: Thursday, November 9, 2023, 16:36

Last update: Thursday, November 9, 2023, 17:02

Dubai’s Emirates Group announced on Thursday its best half-year financial result in its history, posting a net profit of Dh10.1 billion in six months, 138 percent above last year’s figure of Dh4.2 billion.

The group also recorded EBITDA of Dh20.6 billion, a significant improvement from Dh15.3 billion in the same period last year, illustrating its strong operational profitability.

The group’s revenue amounted to Dh67.3 billion for the first six months of 2023-24, up 20 per cent from last year’s Dh56.3 billion. This was driven by strong demand for air travel around the world, which has been on an upward trajectory since the last pandemic travel restrictions were lifted.

The group closed the first half of 2023-24 with a strong cash position of Dh42.7 billion as of September 30, 2023, up from Dh42.5 billion as of March 31, 2023.

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The group has been able to leverage its strong cash reserves to support business needs, including debt repayments. Emirates has so far repaid Dh9.2 billion of its Covid-19-related loans. The Group also paid Dh4.5 billion in dividends to its owner, as declared at the end of its 2022-23 financial year.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of the airline and Emirates Group.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of the airline and Emirates Group.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of the airline and the Emirates Group, said: “We are seeing the fruits of our plans to return stronger and better from the dark days of the pandemic. The Group has surpassed previous records report our “Best semi-annual performance in our history. Our profits for the first six months of 2023-24 have almost equaled our record profit for the full year 2022-23. This is a tremendous achievement that speaks to the talent and commitment within the organization, the strength of our business model and the power of Dubai’s vision and policies that have enabled the creation of a strong, resilient and progressive.

“Across the Group, we have continued to scale operations safely and act with agility to meet customer demand. We have implemented a series of service and product improvements to earn customer preference, and we will continue to invest in our people, products, partnerships and technology to strengthen our capabilities and ensure we are prepared for the future.

To support the increase in operations and commercial activities, the Emirates Group employee base, compared to March 31, 2023, grew by 6 percent to a total headcount of 108,996 as of September 30, 2023. Both Emirates and dnata They have ongoing recruiting campaigns to support their future needs.

Emirates airline

Emirates continued to grow its global flight operations, adding capacity and connections through its Dubai hub to meet customer demand across all markets. During the first half of 2023-24, the airline restored A380 operations to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai and Taiwan.

In July, it launched daily nonstop services to Montreal, a new destination and the airline’s second gateway to Canada.

Expanding connectivity options for customers, Emirates signed and enhanced codeshare or interline agreements with eight airlines in the first six months of 2023-24: Aegean Airlines, Air Canada, Etihad Airways, Kenya Airways, Philippine Airlines, Maldivian, Sri Lankan Airlines and United. Airlines. The codeshare partnership between Emirates and Qantas, which has seen more than 15 million travelers benefit from joint flight itineraries since its establishment in 2013, has received approvals for a further five-year extension until 2027.

As of September 30, the airline operated passenger and cargo services to 144 airports, using its entire fleet of Boeing 777s and 104 A380s. During the first six months of 2023-24, 10 A380 aircraft emerged from Emirates’ modernization program with completely refreshed cabin interiors and the latest products on board, including premium economy seats. This allowed the airline to roll out its highly sought-after premium economy services on more new routes, including New York JFK, Houston, San Francisco, Los Angeles and Singapore.

In the first half of 2023-24, Emirates launched a new global brand advertising campaign featuring Hollywood actress Penelope Cruz; and introduced initiatives to improve the customer travel experience, including: a new city check-in facility at the Dubai International Financial Centre, free onboard Wi-Fi for Emirates Skywards members and a new ordering capability advance meal plan for customers to select their meal options in advance. Travel.

Total capacity during the first six months of the year increased by 25 percent to 28.5 billion available tonne kilometers (ATKM) due to an expanded flight schedule. Capacity measured in available seat kilometers (ASKM) increased by 30 percent, while passenger traffic carried measured in paid passenger kilometers (RPKM) increased by 35 percent with an average passenger seat factor of 81.5 percent, compared to 78.5 percent. during the same period last year.

Emirates carried 26.1 million passengers between April 1 and September 30, 2023, 31 percent more than the same period last year. Emirates Skycargo increased 1,035,000 tonnes in the first six months of the year, an increase of 11 per cent compared to the same period last year despite a general weakening in the global cargo market. This reflects the cargo division’s ability to meet customer demand with specialized products and the excellent network options offered with its freight and freight operations.

Emirates’ profits for the first half of 2023-24 hit a new record of Dh9.4 billion, compared to profits for the same period last year of Dh4 billion. Emirates’ revenue, including other operating income, of Dh59.5 billion increased 19 per cent compared to Dh50.1 billion recorded in the same period last year. The airline’s record performance can be attributed to strong passenger demand for international travel in all markets and Emirates’ ability to activate capacity to meet demand; and offer customers great value and services.

Emirates’ direct operating costs (including fuel) grew by 9 percent in line with increased operations. Fuel remains the largest component of the airline’s operating cost (34 percent), compared to 38 percent in the same period last year.

Driven by strong demand and increased operations over the six months, Emirates’ Ebitda grew 33 per cent to Dh19.5 billion, compared to Dh14.7 billion in the same period last year.

DNA

Dnata continued to ramp up operations in its cargo and ground handling, catering and retail, and travel services businesses. This drove strong revenue growth in the first six months of 2023-24.

In the first half of 2023-24, dnata’s airport and catering services won significant new contracts and increased existing clients in its international operations.

Dnata also continued to make strategic investments in its business and implement innovative technology and other initiatives to better respond to customer needs. Highlights for the first half of 2023-24 include: the acquisition of an additional 29 per cent stake in Imagine Cruising, bringing its stake in the UK’s leading cruise and holiday distributors to 81.4 per cent ; implementing AI-powered solutions to enhance dnata’s cargo handling operations and capabilities in Singapore; and the switch to a biofuel blend for road transport vehicles in the United Arab Emirates used by dnata Logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing to reduce emissions and address rising customer expectations for transport options with smaller environmental footprint.

Dnata’s revenue, including other operating income, of Dh9.3 billion increased by 27 percent compared to Dh7.3 billion generated in the same period last year.

dnata’s total profit is Dh709 million (US$193 million), compared to Dh236 million (US$64 million) in the same period last year.

Dnata’s airport operations remain the largest contributor to revenue, at Dh4.1 billion, an increase of 18 percent compared to the same period last year, as its airline customers’ operations continued to recover, particularly in Australia, Singapore, the United Kingdom and the United Arab Emirates. Across its operations, the number of aircraft shifts handled by dnata increased 11 percent to 384,656, and it handled 1.3 million tons of cargo, a decline of 5 percent, reflecting a further weakening of the global aircraft market. air transport after a pandemic-driven increase.

Dnata’s retail and flight catering operations contributed Dh3.5 billion to its revenue, an increase of 45 per cent, with strong production increases in Australia, Italy, the United Kingdom and the United States to meet customer demand. The number of enhanced meals increased 31 percent to 66.3 million meals compared to 50.5 million meals last year.

Dnata’s travel division contributed Dh1.4 billion to revenue, up 16 percent from Dh1.2 billion in the same period last year. dnata received strong contributions from Destination Asia, its destination management business in Asia; and its cruise vacation business, Imagine Cruising, in which dnata has acquired a majority stake. The division recorded underlying total transaction value (TTV) sales of Dh4 billion, compared to Dh3.5 billion in the same period last year.



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