"Emirates Group Achieves Unprecedented Financial Milestone in 2023-24: Soaring to New Heights

In a remarkable announcement, the Emirates Group revealed its stellar six-month financial results, showcasing an extraordinary net profit of AED 10.1 billion (US$ 2.7 billion) for the first half of the fiscal year 2023-24. This outstanding performance marks a remarkable 138% increase from the previous year's record-breaking profit of AED 4.2 billion (US$ 1.2 billion).

The Group's success is further underscored by its EBITDA, which surged to AED 20.6 billion (US$ 5.6 billion), a substantial improvement from AED 15.3 billion (US$ 4.2 billion) during the corresponding period last year, highlighting robust operating profitability. The upward trajectory continued with a 20% increase in group revenue, reaching AED 67.3 billion (US$ 18.3 billion) for the first six months of 2023-24, compared to AED 56.3 billion (US$ 15.3 billion) in the previous year. This remarkable growth is attributed to a global surge in demand for air transport, rebounding as travel restrictions eased post-pandemic.

As of September 30, 2023, the Group boasted a solid cash position of AED 42.7 billion (US$ 11.6 billion), reinforcing its financial stability compared to AED 42.5 billion (US$ 11.6 billion) at the end of March 2023. Emirates also demonstrated financial responsibility by repaying AED 9.2 billion of its COVID-19 related loans.

In addition, the Group distributed AED 4.5 billion in dividends to its owner, as declared at the close of the 2022-23 financial year. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, expressed his satisfaction with the exceptional results, stating, 'We are witnessing the realization of our plans to emerge stronger from the challenges posed by the pandemic. The Group's unparalleled half-year performance, nearly matching our record full-year profit of 2022-23, stands as a testament to the talent and dedication within the organization.'

Emirates Group's achievement is not only a financial triumph but also a testament to resilience, strategic planning, and unwavering commitment to excellence in the face of unprecedented global challenges."

"In conclusion, the Emirates Group's extraordinary six-month financial results for 2023-24 not only reflect a momentous achievement but also signify a testament to the organization's resilience and strategic acumen. Soaring to new heights with a net profit of AED 10.1 billion (US$ 2.7 billion) and a record-breaking 138% increase from the previous year, the Group's stellar performance is a beacon of success in the aviation industry.

The robust EBITDA of AED 20.6 billion (US$ 5.6 billion) and a 20% surge in group revenue to AED 67.3 billion (US$ 18.3 billion) underscore the strong operating profitability and global demand for air transport. Maintaining a solid cash position of AED 42.7 billion (US$ 11.6 billion) and responsible debt repayment of AED 9.2 billion demonstrate the Group's financial prudence.

Sheikh Ahmed bin Saeed Al Maktoum's acknowledgment of the achievement as a 'tremendous milestone' echoes the sentiment of triumph within the organization. As the Emirates Group continues to navigate the complex landscape of the post-pandemic era, these exceptional results serve as a testament to its unwavering commitment to excellence and ability to emerge stronger from adversity. The future appears promising as the Group sets a new benchmark for success in the aviation industry."