The Emirates Group has reported its “best-ever” half-year financial result, surpassing its previous record by $1.2 billion.
Between April 1 and September 30, the group recorded a net profit of $2.7 billion, which was 138% higher than the record it set during the same period last year.
Group revenue was $1.83 billion for the period, up 20% year-on-year, which was “driven by strong demand for air transport across the world, which has been on an upward trajectory since the last pandemic travel restrictions were lifted,” the company said.
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The travel division of subsidiary dnata contributed $375 million to revenue, up 16% compared to $323 million for the same period last year.
The business saw strong contributions from Destination Asia, its destination management business in Asia; and from its UK-based cruise holidays business, Imagine Cruising, in which dnata has acquired controlling interest.
The division reported an underlying total transactional value (TTV) sales of $1.1 billion, compared to $960 million in the same period in 2022.
During the six months, Emirates airline added capacity and connections through its Dubai hub to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai and Taiwan, as well as launching daily non-stop services to Montreal – a new destination for the airline.
Overall capacity from April to September increased by 25% compared to the previous year, while load factor stood at 81.5%, up from 78.5%.
The airline carried 26.1 million passengers during the six-month period, a year-on-year increase of 31%.
Group chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said: “We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic.
“The group has surpassed previous records to report our best-ever half-year performance. Our profit for the first six months of 2023-24 has nearly matched our record full-year profit in 2022-23.
“This is a tremendous achievement that speaks to the talent and commitment within the organisation, the strength of our business model and power of Dubai’s vision and policies that has enabled the creation of a strong, resilient and progressive aviation sector.”