Emirates Group announces record half-year performance for 2023-24

Emirates Group announces record half-year performance for 2023-24

The submit Emirates Group announces record half-year performance for 2023-24 appeared first on TD (Travel Daily Media) Brand TD.

The Emirates Group at the moment introduced its best-ever six-month monetary outcome. The Group is reporting a 2023-24 half-year internet revenue of AED 10.1 billion (US$ 2.7 billion), surpassing its record half-year revenue of AED 4.2 billion (US$ 1.2 billion) final 12 months by 138%.

The Group additionally reported an EBITDA of AED 20.6 billion (US$ 5.6 billion), a major enchancment from AED 15.3 billion (US$ 4.2 billion) throughout the identical interval final 12 months, illustrating its sturdy working profitability.

Group income was AED 67.3 billion (US$ 18.3 billion) for the primary six months of 2023-24, up 20% from AED 56.3 billion (US$ 15.3 billion) final 12 months. This was pushed by sturdy demand for air transport internationally, which has been on an upward trajectory for the reason that final pandemic journey restrictions have been lifted.

The Group closed the primary half 12 months of 2023-24 with a stable money place of AED 42.7 billion (US$ 11.6 billion) on 30 September 2023, in comparison with AED 42.5 billion (US$ 11.6 billion) on 31 March 2023. The Group has been capable of faucet by itself sturdy money reserves to assist enterprise wants, together with debt funds. So far, Emirates has repaid AED 9.2 billion of its COVID-19 associated loans. The Group additionally paid AED 4.5 billion in dividend to its proprietor, as declared on the finish of its 2022-23 monetary 12 months.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group mentioned: “We are seeing the fruition of our plans to return stronger and higher from the darkish days of the pandemic. The Group has surpassed earlier information to report our best-ever half-year performance. Our revenue for the primary six months of 2023-24 has almost matched our record full 12 months revenue in 2022-23. This is an amazing achievement that speaks to the expertise and dedication throughout the organisation, the energy of our enterprise mannequin, and energy of Dubai’s imaginative and prescient and insurance policies that has enabled the creation of a robust, resilient, and progressive aviation sector.

“Across the Group, we’ve continued to ramp up operations safely and move nimbly to meet customer demand. We’ve implemented a series of service and product enhancements to win customer preference, and we’ll continue to invest in our people, products, partnerships, and technology to strengthen our capabilities and ensure we are future ready.”

Sheikh Ahmed added: “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. At the same time, we are keeping a close watch on headwinds such as rising fuel prices, the strengthening US dollar, inflationary costs, and geo-politics.”

To assist elevated operations and enterprise actions, the Emirates Group’s worker base, in comparison with 31 March 2023, grew 6% to an total rely of 108,996 on 30 September 2023. Both Emirates and dnata have ongoing recruitment drives to assist their future necessities.

Emirates airline
Emirates continued to extend its international flight operations, including capability and connections by means of its Dubai hub to fulfill buyer demand throughout markets. During the primary half of 2023-24, the airline restored A380 operations to Bali, Beijing, Birmingham, Casablanca, Nice, Shanghai, and Taiwan.

In July, it launched every day continuous providers to Montreal, a brand new vacation spot and the airline’s second gateway in Canada.

Expanding connectivity choices for prospects, Emirates entered and enhanced codeshare or interline agreements with 8 airways within 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 over 15 million travellers profit from joint flight itineraries since its institution in 2013, acquired approvals for an extra 5-year extension till 2027.

By 30 September, the airline was working passenger and cargo providers to 144 airports, utilising its total Boeing 777 fleet and 104 A380s. During the primary six months of 2023-24, 10 A380 plane rolled out of Emirates’ retrofit programme with fully refreshed cabin interiors and newest onboard merchandise together with Premium Economy seats. This enabled the airline to deploy its extremely sought-after Premium Economy providers on extra new routes together with New York JFK, Houston, San Francisco, Los Angeles, and Singapore.

In the primary half of 2023-24, Emirates launched a brand new international model promoting marketing campaign that includes Hollywood actor Penelope Cruz; and launched initiatives to reinforce buyer journey expertise together with: a brand new metropolis check-in facility at Dubai International Financial Centre, free onboard wi-fi for Emirates Skywards members, and a brand new meal pre-ordering functionality for prospects to pick their meal choices upfront of journey.

Overall capability in the course of the first six months of the 12 months elevated by 25% to twenty-eight.5 billion Available Tonne Kilometres (ATKM) as a result of an expanded flight programme. Capacity measured in Available Seat Kilometres (ASKM), elevated by 30%, while passenger visitors carried measured in Revenue Passenger Kilometres (RPKM) was up by 35% with a mean Passenger Seat Factor of 81.5%, in contrast with 78.5% throughout the identical interval final 12 months.

Emirates carried 26.1 million passengers between 1 April and 30 September 2023, up 31% from the identical interval final 12 months. Emirates Skycargo uplifted 1,035,000 tonnes within the first six months of the 12 months, an 11% enhance in comparison with the identical interval final 12 months regardless of an total softening within the international cargo market. This displays the cargo division’s means to fulfill buyer demand with specialised merchandise, and the wonderful community choices on supply with its freighter and bellyhold cargo operations.

Emirates revenue for the primary half of 2023-24 hit a brand new record of AED 9.4 billion (US$ 2.6 billion), in comparison with identical interval final 12 months’s revenue of AED 4.0 billion (US$ 1.1 billion). Emirates income, together with different working earnings, of AED 59.5 billion (US$ 16.2 billion) was up 19% in contrast with the AED 50.1 billion (US$ 13.7 billion) recorded in the identical interval final 12 months. The airline’s record performance is attributable to the sturdy passenger demand for worldwide journey throughout markets and Emirates’ means to activate capability to match demand; and supply prospects nice worth and providers.

Emirates’ direct working prices (together with gas) grew by 9% in step with elevated operations. Fuel stays the most important element of the airline’s working value (34%), in comparison with 38% in the identical interval final 12 months.

Driven by sturdy demand and elevated operations in the course of the six months, Emirates’ EBITDA grew by 33% to AED 19.5 billion (US$ 5.3 billion) in comparison with AED 14.7 billion (US$ 4.0 billion) for the identical interval final 12 months.

dnata continued to ramp up operations throughout its cargo and floor dealing with, catering and retail, and journey providers companies. This drove sturdy income development within the first six months of 2023-24.

In the primary half of 2023-24, dnata’s catering and airport providers received vital new contracts and grew present prospects throughout its worldwide operations. This reveals dnata’s means to serve the rising operations of airline prospects, and ship prime quality services and products regardless of lingering operational challenges in lots of markets reminiscent of a scarcity of expert workforce, provide chain points, and inflationary pressures.

dnata additionally continued to make strategic investments in its enterprise and implement progressive know-how and different initiatives to raised reply to buyer wants. Highlights within the first half of 2023-24 embody: the acquisition of a further 29% stake in Imagine Cruising, bringing to 81.4% its shareholding in UK’s main cruise and keep vacation distributors; the implementation of AI-powered options to reinforce dnata’s cargo dealing with operations and capabilities in Singapore; and the change to a biofuel mix for highway transport autos within the UAE utilized by dnata Logistics, Arabian Adventures, Alpha Flight Services, and City Sightseeing to scale back emissions and handle rising buyer expectations for transport choices with decrease environmental footprint.

dnata’s income, together with different working earnings, of AED 9.3 billion (US$ 2.5 billion) elevated by 27% in comparison with AED 7.3 billion (US$ 2.0 billion) generated in the identical interval final 12 months.


The submit Emirates Group announces record half-year performance for 2023-24 appeared first on Brand TD.

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