The theme of 2023 in the world of aviation has been a strong demand for air travel across all continents. People have started travelling in great numbers after a couple of tough years with an endless list of travel restrictions in place. Emirates has been one of the fastest airlines to bounce back bringing capacity back rapidly and resuming as many flights as possible. The effect of the swift actions taken by EK management show in the balance sheet for the first 6 month of the 2023/24 financial year. So let’s take a closer look at how Emirates performed so far this year.
How Many Passengers Has Emirates Carried so Far?
Things have been moving fairly fast in the first 6 months of the 2023/2024 financial year for Emirates (from April 1st to September 30th). The airline has restored almost all of its flights with most A380 services back online. Also new routes and service enhancements took place in an important market such as Canada. This happened thanks to diplomatic relations improving between the north American country and the UAE.
All of this translated to the airline transporting an impressive 26.2 million passengers in this 6 month period of time. That is a 31% increase on the same period of 2022. Proof of how the aviation sector is still on a pretty steep upward trajectory and will be at least for the near future.
Extremely Strong Financial Results for EK
Moving over to the financial results of the first six months of the 2023/2024 FY, we’ll be referring to the group rather than only the airline. The Emirates Group also includes ground handling company Dnata and cargo division Emirates SkyCargo.
Financially results are extremely impressive, as the airline has almost matched the 2022/2023 profits in the first six months of this current financial cycle. Therefore it is more than just likely that the group will reach record results by the end of the year.
So far the group has reported in the first 6 months of 2023/2024:
- Net profit of 10.1 billion Dirham (or 2.7$ USD billion) up by 138% compared to 2022.
- EBITDA of 20.6 billion Dirham (or 5.6$ USD billion) up from 15.3 billion in 2022.
- Revenue of 67.3 billion Dirham (or 18.3$ USD billion) up by 20% from 56.3 billion Dirham in 2022 (15.3$ USD billion).
All is looking good in this financial year and who knows if we’ll be getting some more operational news from the Dubai Air Show taking place ad DWC starting November 13th 2023.