Emirates profit jumps 138% in H1

Emirates Group today reported fiscal 2023-2024 first-half revenue of AED 67.3 billion ($18.3 billion) between April and September, a year-over-year increase of 19%. The company’s operating profit increased 138% YoY to $2.7 billion amid the return of passenger traffic. [caption id="attachment_94772" align="alignright" width="300"] On Feb. 24, 2021, staff unloads the first shipment of COVID-19 vaccines distributed by the COVAX Facility at the Kotoka International Airport in Accra, Ghana's capital. Francis Kokoroko/COVAX[/caption] THE BIG PICTURE : In the years since the pandemic, passenger travel has recovered considerably, boosting the company’s significant profit margin, according to Emirates’ earnings report. “We are seeing the fruition of our plans to return stronger and better from the dark days of the pandemic,” Ahmed bin Saeed Al Maktoum , chair and chief executive at Emirates Airline and Group, said in today’s earnings release. “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.” Emirates landed in the No. 4 spot in Air Cargo Next’s 2023 Freight 50 list , up one spot from the previous year. In 2022, Emirates Group transported 1.9 billion tonnes of cargo. BY THE NUMBERS : Cargo tonnage on Emirates Sky Cargo increased 11% YoY to 1 million tonnes. Emirates Group also reported in the first half of the fiscal year: A passenger and cargo capacity increase of 25% YoY; A 9% YoY increase in operating costs; A 6% YoY employee increase; and A 16% YoY profit margin increase, a difference of 8 percentage points. WHAT THEY’RE SAYING : Like several other major carriers, volumes increased along with capacity in a market that continues to normalize . Emirates did nosplit out cargo revenue or profit. Emirates Sky Cargo significantly increased its volumes “despite an overall softening in the global cargo market,” according to the financial report. “This reflects the cargo division’s ability to meet customer demand with specialized products, and the excellent network options on offer with its freighter and bellyhold cargo operations.” STATE OF PLAY : Emirates entered new interline agreements with eight airlines in the first half of the year, including: Aegean Airlines ; Air Canada ; Etihad Airways ; Kenya Airways ; Philippine Airlines ; Maldivian ; Sri Lankan Airlines ; and United Airlines . The codeshare partnership between Emirates and Qantas , established in 2013, received approvals to be extended to 2027. NOTEWORTHY : Emirates increased operations to several regions during the first half of year. “Emirates continued to increase its global flight operations, adding capacity and connections through its Dubai hub to meet customer demand across markets,” according to its financial report. “During the first half of 2023, the airline restored A380 operations to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai and Taiwan.” FUTURE LOOK : Emirates remains positive heading into the second half of the fiscal year, noting that it expects increased demand to contribute to a profitable year. “For the second half of [2023-24], we expect customer demand across our business divisions to remain healthy and we will stay agile in how we deploy our resources in this dynamic marketplace,” Al Maktoum said in the financial report. “At the same time, we are keeping a close watch on headwinds such as rising fuel prices, the strengthening U.S. dollar, inflationary costs and geopolitics.” Editor’s note: All amounts have been converted to U.S. dollars

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