Emirates posts Dh22.7B profit

Emirates Group announced yet another annual record profit on Thursday.

- Waheed Abbas

The Dubai-based group revealed that it recorded profit before tax of Dh22.7 billion ($6.2 billion), up 18 per cent from last year.

It recorded revenue of Dh145.4 billion ($39.6 billion), up 6 per cent over last year’s results, while cash assets stood at Dh53.4 billion ($14.6 billion), up 13 per cent from last year. It also registered the highest-ever Ebitda of Dh42.2 billion ($11.5 billion), up 6 per cent year-on-year. The Group declares a dividend of Dh6 billion ($1.6 billion) to its owner, the Investment Corporation of Dubai (ICD).

This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group’s profit after taxis Dh20.5 billion ($5.6 billion).

“It is no accident that Dubai has produced hugely successful global aviation entities, including Emirates and dnata. Dubai’s aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners, and all the people of Dubai,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.

“We've kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and customers and work hard to positively impact our communities. We don’t cut corners, and we don’t take shortcuts that put our future at risk for short-term gains. By building our business models around these principles and Dubai’s unique strengths, the Emirates Group has thrived and stayed resilient through geopolitical and socio-economic challenges over the years,” he added.