Emirates is the world’s most profitable airline in the 2025-26 reporting period.

For the financial year ended 31 March 2026, the Emirates Group reported:

• record profit before tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from last year, and a PBT margin of 16.2%
• record revenue of AED 150.5 billion (US$ 41.0 billion), up 3% over last year’s results
• record level of cash assets at AED 59.6 billion (US$ 16.2 billion), up 12% from last year
• EBITDA of AED 41.1 billion (US$ 11.2 billion), reflecting its strong operating profitability.

Emirates retains its place as the world’s most profitable airline, reporting:

• record profit before tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from last year, and a PBT margin of 17.4%
• record revenue of AED 130.9 billion (US$ 35.7 billion), an increase of 2% over last year
• highest-ever level of cash assets at AED 54.9 billion (US$ 15.0 billion), 10% higher compared to 31 March 2025.   

dnata delivered solid growth and performance across its business units, reporting:

• record profit before tax (PBT) of AED 1.6 billion (US$ 437 million), up 2% from last year, and a PBT margin of 6.8%
• record revenue of AED 23.6 billion (US$ 6.4 billion), up 12%
• strong cash assets of AED 4.7 billion (US$ 1.3 billion), up by 28%.

The Group declares a dividend of AED 3.5 billion (US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD). 

The UAE corporate tax rate applied to the Emirates Group increased from 9% to 15% this year, due to the adoption of Pillar Two tax rules in the UAE. After accounting for the tax charge, the Group’s profit after tax is AED 21.0 billion (US$ 5.7 billion), up 3% from 2024-25.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “These outstanding results, despite significant challenges in the last month of our financial year, reaffirm the strength and resilience of the Emirates Group’s business model, which is rooted in safety, excellence, innovation, people and partnerships.

“For the first 11 months of 2025-26, the picture across the Group was very positive. Strong demand for our products and services was driving revenue, and we were achieving healthy margins thanks to our sustained investments in product, people, technology and brand. Month after month, we were surpassing our targets.

“On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE. Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity.

“We are fortunate to be based in Dubai, where years of infrastructure investments and a cohesive aviation ecosystem has enabled the government to quickly secure safe corridors for commercial flights. Emirates and dnata have since gradually restored operations at DXB. Although we are still operating at a lower passenger capacity than pre-disruption, cargo operations have ramped up to support the movement of essential goods into and through the UAE.”

HH Sheikh Ahmed added: “The Emirates Group has navigated crises and disruptions before. Each time, we placed our focus on our customers and our people, and each time, we have bounced back stronger.  

“Our people are a big part of our success, enabling us to respond with agility in a dynamic operating environment. I’d like to thank all our employees – they have truly exemplified the qualities that set the Emirates Group apart during testing times.

“I am grateful to HH Sheikh Mohamed bin Rashid Al Maktoum, and his sons HH Sheikh Hamdan and HH Sheikh Maktoum, for their stewardship of Dubai and unshaken support for aviation - the Emirates Group is proud to contribute to Dubai’s strategy under their leadership. Also, a big thank you to all our ecosystem partners who keep global aviation moving. Their collaboration and solidarity are invaluable and reflect the spirit of partnership that is central to how the Emirates Group operates.”

In 2025-26, the Group collectively invested AED 17.9 billion (US$ 4.9 billion) in new aircraft, facilities, equipment, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 8% to 130,919 employees, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and boost its future capabilities. The Group’s UAE national workforce also grew to surpass 4,000, showing the success of its programmes to attract, grow and retain local talent.

Commenting on the outlook for 2026-27, Sheikh Ahmed said: “Right now, military activities between the US, Israel and Iran are paused under a ceasefire agreement. We hope for a clear resolution to the hostilities soon, and a return to market stability. But in the meantime, we are not sitting on our hands. 

“From a fuel perspective, Emirates is well-hedged until 2028-29; and we have worked with our suppliers to secure the volumes required to support our current operations and our scaling up to pre-disruption levels. At dnata and across the Group, our business streams, scale, portfolio mix, and years of investments give us the resilience and agility to address any near-term challenges.

“The Emirates Group enters 2026-27 with very strong cash reserves, which enable us to progress with our plans to strengthen our business without knee-jerk cost control measures. Our aircraft deliveries and retrofit programme will continue apace, as well as our planned investments in new facilities and equipment. Emirates and dnata will stay focused on offering industry-leading products and customer experiences, differentiating ourselves on the global stage, attracting the best talent, and delivering value to the communities we serve.

“Our fundamentals are strong. The Emirates Group’s proven business model is unchanged.  Dubai’s place at the nexus of global commerce, trade and travel flows is unchanged. Our ambition to be the best in the world, and to be of service to the world, is unchanged.”

Emirates performance

Emirates’ total passenger and cargo capacity grew 1% to 60.6 billion ATKMs in 2025-26.

During the year, Emirates launched four new destinations – Da Nang, Hangzhou, Siem Reap and Shenzhen; and added services to existing destinations to meet customer demand. By 31 March, Emirates’ global network spanned 152 cities in 80 countries. Emirates also grew its partnerships to 32 codeshare and 117 interline partners, providing customers smooth access to over 1,700 cities beyond its network.  

Emirates grew its passenger fleet with the delivery of 15 Airbus A350 aircraft this year, enabling the airline to offer even more customers its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had 19 A350s in its fleet flying to 21 destinations.

Total fleet count at year end was 277 units, with an average fleet age of 10.8 years. 

At the 2025 Dubai Airshow, Emirates announced further fleet investments worth US$ 41.4 billion at list prices – for 65 more Boeing 777-9s and 8 more A350-900 aircraft. At 31 March, Emirates’ order book had 367 aircraft, comprising of: 54 A350s, 270 Boeing 777x, 35 787s, and 8 777Fs, with deliveries scheduled through to 2038.

By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 2% to AED 130.9 billion (US$ 35.7 billion). Currency fluctuations in some of the airline’s major markets positively impacted the airline’s profitability by AED 332 million (US$ 90 million).

Emirates’ strong commercial performance delivered an operating cash flow of AED 32.0 billion (US$ 8.7 billion) in 2025-26 – this enables the airline to sustain its business growth plans.

Total operating costs increased by 2% from last financial year. Fuel and employee cost were the airline’s two biggest cost components in 2025-26, followed by cost of ownership (depreciation and amortisation). Fuel accounted for 29% of operating costs compared to 31% in 2024-25. The airline’s fuel bill decreased slightly to AED 31.2 billion (US$ 8.5 billion) compared to AED 32.6 billion (US$ 8.9 billion) the previous year, as lower average fuel price (down 7%) offset a higher uplift of 1% from increased flying.

Due to strong travel demand across market segments, and the airline’s ability to earn customer preference through its strong network, high quality products and services, Emirates hit a new record profit after tax of AED 19.7 billion (US$ 5.4 billion), exceeding last year’s AED 19.1 billion (US$ 5.2 billion) result with an outstanding net profit margin of 15.0%. This is the best profit performance in the airline’s history, and in the airline industry for the reporting year 2025-26.

Emirates carried 53.2 million passengers (down 1%) in 2025-26, with seat capacity down by 1%. The airline reports a Passenger Seat Factor of 78.4%, a marginal decline from 78.9% last year. Passenger yield was higher by 4% at 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre (RPKM).  

Emirates continued to invest in delivering ever better customer experiences. In November, the airline announced a deal with Starlink to equip its fleet with high-speed Wi-Fi. Emirates quickly rolled out Starlink deployment, and by 31 March, 21 aircraft were already fitted and offering best-in-sky connectivity to customers, with more to follow.

During the year, the airline’s US$ 5.0 billion retrofit programme continued at pace. To date, 91 aircraft (out of 215 units earmarked) have completed a full cabin refresh, to feature Emirates’ latest inflight products including the popular Premium Economy seats.

On ground, Emirates First - a new exclusive check in lounge dedicated to First Class customers and Skywards Platinum members was opened at Emirates Terminal 3 in Dubai; complimentary Chauffeur Drive services for First and Business Class customers were introduced in Tokyo Narita and Kansai International, and complimentary bus services for Economy Class customers in Clark.

Emirates launched a new “Accessible and Inclusive Travel Hub” on emirates.com to help travellers with varying accessibility requirements plan their journey. It also introduced new onboard sensory products and fidget toys for children and adults, and organised “travel rehearsals” at dozens of airports around the world to help ease travel anxiety for children with autism and their families.

This year, Emirates signed an agreement with Dubai Investments Park to secure a site for Emirates’ Cabin Crew Village, a multi-billion dirham residential community for 12,000 crew when completed; opened a new flight crew training centre to support the airline’s fleet growth; and launched the Emirates Centre of Hospitality to provide world-class hospitality training for its 25,000-strong cabin crew.

Emirates Skywards marked its 25-year anniversary with a high-visibility campaign and enhanced reward opportunities for members during the year. Highlights included: offering Classic Rewards redemptions on all flydubai flights in all cabins; Classic Rewards and Upgrade Rewards redemptions in Emirates Premium Economy; and the charity auction of 7 rare Skywards membership numbers with Platinum tier status.

Emirates SkyCargo delivered an outstanding year, carrying 2.4 million tonnes of goods around the world, up 3% from the previous year.

The delivery of 5 new Boeing 777 freighters during the year enabled the division to grow its freighter capacity by 13%.

Emirates SkyCargo reported a solid revenue of AED 16.2 billion (US$ 4.4 billion), contributing 12% to Emirates’ total revenue. Cargo yield per Freight Tonne Kilometre (FTKM) decreased by 3%, due to market pressure, and the impact of tariffs on trade particularly in eCommerce.  

Overall, Emirates SkyCargo’s performance reflects the division’s ability to win customer preference through its suite of specialist logistics solutions, the power of Emirates’ global network, Dubai’s world-class intermodal logistics capabilities, and its ongoing investments in digital technology, infrastructure, and products.

During the year, SkyCargo expanded its freighter network to 44 points with the addition of Bangkok, Budapest, Liege, and Tokyo Narita; added frequency to existing freighter routes; and grew its trucking network.

The division continued its strategy of offering tailored cargo solutions as a key differentiator and value proposition. This year, it launched Emirates Courier Express – an innovative door-to-door cross border delivery solution; and a new Aerospace and Engineering suite of specialist services to transport time-critical components for the aviation, engineering, defence and space industries.

At the end of March, Emirates’ SkyCargo’s total freighter fleet stood at 13 Boeing 777Fs, with 8 more units pending delivery.

In addition to 20 new aircraft deliveries during the year, Emirates also bought out 29 A380s and 5 Boeing 777s at the end of their leases. To support the fleet programme, Emirates raised AED 10 billion in aircraft financing via local and international markets, including Japanese operating leases, insurance‑backed financing, French Tax Lease and Export Credit Agency–backed structures. 

With a strong cash balance and operating cash flow, Emirates fully met all contracted obligations during 2025-26, including aircraft pre-delivery payments and financing liabilities as they become due, utilising our cash reserves which stood at AED 54.9 billion (US$ 15.0 billion) as of 31 March.

Emirates continued to deploy simple forward contracts to hedge against Brent crude oil and refining margins; and used long-term interest rate hedges to mitigate the impact of interest rate fluctuations. With significant currency exposure due to its global presence, Emirates continued to manage foreign exchange rate risk through currency options, forward contracts, and natural hedges. Its systematic approach ensures cash flow predictability against volatile market shifts, reinforcing financial stability.

Under Emirates Group companies and subsidiaries, Emirates Flight Catering (EKFC) and MMI/Emirates Leisure Retail (ELR) reported notable contributions in 2025-26.

EKFC grew revenue from external customers by 12% to AED 1.2 billion (US$ 329 million), uplifting 16.2 million meals during 2025-26 for its 100+ airline customers in Dubai, and winning catering contracts for complex, large-scale global events such as the Dubai Airshow and Dubai Rugby Sevens. 

MMI/ELR posted a revenue of AED 2.9 billion (US$ 803 million), down 5% due to a challenging market for its international business, and the rollback of the municipality tax waiver in the UAE. During the year, ELR acquired the remaining 25% stake in Air Ventures LLC, securing full ownership of the entity which operates airport retail and F&B outlets in the US. ELR & MMI also opened new locations across its F&B portfolio, expanded partnerships with homegrown brands, and strengthened its digital platforms to improve customer service and engagement.

dnata performance

dnata increased its profit before tax by 2% to AED 1.6 billion (US$ 437 million) in 2025-26, with all business divisions reporting a solid performance, and notable contributions from its airport operations and catering and retail divisions. dnata’s profit after tax stood at AED 1.3 billion (US$ 367 million), a 4% decrease, which is primarily due to a higher UAE tax rate applied in 2025-26.

dnata's total revenue increased by 12% to hit a new record of AED 23.6 billion (US$ 6.4 billion), driven by increased flight and travel activity across the world, particularly in its major markets: Australia, Europe, the UAE, UK, and US.

dnata’s international businesses account for 77% of its revenue, up 2% points from the previous year.

Growing its future capabilities and capacity to meet customer needs, dnata’s investments in 2025-26 amounted to AED 858 million (US$ 234 million). Significant investments during the year included: new catering facilities in Perth and Western Sydney, a new cargo facility in Amsterdam, and new electric and hybrid ground support equipment for its airport operations as part of its environmental strategy.

dnata also acquired Wymap Group, an air cargo trucking specialist in Australia and New Zealand; and a 7% stake in WonderMiles, a New Distribution Capability (NDC)-enabled booking platform to strengthen our corporate and business travel offering.

dnata continued to actively manage its diverse portfolio of business interests in line with its corporate strategy. This year, dnata disposed of its 75% stake in Super Bus, which operates sightseeing tours in the UAE; and in Germany, it exited cargo operations in Cologne/Bonn.

In 2025-26, dnata’s operating costs increased by 13% to AED 22.1 billion (US$ 6.0 billion), in line with expanded operations in its Airport Operations, Catering & Retail, and Travel divisions.

dnata’s cash balance increased by AED 1.0 billion to AED 4.7 billion (US$ 1.3 billion), primarily due to operating cash flow. The business saw a positive operating cash flow of AED 2.4 billion (US$ 658 million) in 2025-26, reflecting healthy revenue contributions from its business divisions.

Revenue from dnata’s Airport Operations, including ground and cargo handling increased to AED 11.2 billion (US$ 3.1 billion).

The number of aircraft turns handled by dnata globally grew by 12% to 888,793; and cargo handled increased by 2% to 3.2 million tonnes, reflecting new contracts won, and increased flight activity by dnata’s airline customers across markets, particularly in its international operations.

This year, dnata announced a joint venture agreement to launch ground handling and cargo operations in Azerbaijan when the new Alat International airport opens in late 2027.

In Amsterdam, dnata opened a new and fully automated cargo facility, one of the largest of its kind with an annual capacity of 600,000 tonnes, representing a €70 million investment.

In Italy, dnata integrated all its ground operations under its brand and business organisation after fully acquiring its local subsidiary. It also committed a further €20 million to procure modern ground service equipment (GSE) in Rome, and €25 million to build a new cargo facility in Milan. In Manchester, dnata launched its signature marhaba meet-and-greet services.

dnata’s Catering & Retail business accounted for AED 8.1 billion (US$ 2.2 billion) of dnata’s revenue, up by 13%, reflecting the success of its strategy to focus its service portfolio on strategic customer segments. The inflight catering business uplifted 115.3 million meals to airline customers, a 1% increase from last year.

The division won 22 contract renewals and 13 new customers in 2025-26, including a 5-year agreement to manage Aer Lingus’ inflight retail programme. It also expanded into Indonesia via a long-term management contract to provide expert catering support at Denpasar International Airport. 

Revenue from dnata’s Travel Services division grew by 5% to AED 4.1 billion (US$ 1.1 billion), with strong contributions from its UK travel business and Destination Asia. 

Total transaction value (TTV) of travel services sold increased by 3% to AED 10.1 billion (US$ 2.7 billion), reflecting the division’s ability to deliver relevant B2B and B2C travel products across customer segments globally.

Throughout the year, the Travel division continued to strengthen its product portfolio, expand its partnerships and products for B2B and B2C customers, and enhance its technology to better serve customers and optimise operations. Notably, in 2025-26, Imagine Cruising officially launched in the US; Destination Asia introduced a specialist service for expedition cruising, and its Events and Cruise Asia brands opened a new office in Seoul; and dnata Representation Services launched a new B2B online booking portal for its GSA products for travel trade partners.

In the UAE, dnata Travel signed on new corporate clients and new airline GSA contracts; while Arabian Adventures launched Nomad Garden, a new luxury desert experience, and enhanced its presence in Oman with bespoke itineraries.

In the UK, after completing a strategic review of its travel businesses, dnata announced the divestment of its online travel brands - Travel Republic and Netflights.

Sustainability

The Emirates Group continued to invest resources, and work with partners to reduce its impact on the environment and grow engagement with communities.

Highlights of the Group’s environmental initiatives in 2025-26 include:

• Emirates signing an MoU with ENOC Group to explore the supply of sustainable aviation fuel (SAF) at Dubai’s airports; and a joint research initiative with Dubai Air Navigation Services (DANS) and Thales to reduce arrival holding patterns, improve UAE airspace efficiency, and optimise fuel consumption.
• Emirates joining the Aviation Circularity Consortium to advance circular economy initiatives in aviation.
• Emirates Flight Catering commissioning a large-scale biodigester to reduce waste to landfill and CO₂ emissions by 2,000 tonnes annually; Alpha Catering in Sharjah redirecting used coffee grounds from its airport F&B outlets for composting; and dnata Travel partnering with sustainability platform Reloop to divert over 500kgs of food waste from landfills each month.
• The continued review and procurement of electric, hybrid, or emissions-efficient options for the Group’s massive fleet of ground equipment and road vehicles across business divisions notably - dnata’s airport and catering operations, Emirates SkyCargo and Emirates Flight Catering.
• Emirates announcing an additional AU$ 50 million investment in the luxury Emirates Wolgan Valley resort, located on a 7,000-acre conservancy in Australia’s Greater Blue Mountains World Heritage area.
• Emirates and Wimbledon partnering with 4 Wildlife Trusts in the UK to launch “Championing Nature”. This multi-year, multi-million-pound initiative aims to give disadvantaged children and youth in urban communities more access to nature.

Highlights of the Group’s community engagement initiatives in 2025-26 include:

• The Emirates Airline Foundation continuing its work with social entrepreneurs and NGOs to provide disadvantaged children with education, shelter, food and medical services. This year, the Foundation supported 13 active projects around the world and provided over 500 flight tickets for medical missions.
• Emirates expanding joint programmes with its sponsorship partners to help more underprivileged youth benefit from sports. Key initiatives this year include: the Emirates-funded Force for Good programmes in the US and Australia which unlock access to tennis for kids and young people in communities; and projects with NBA Cares to refurbish youth recreational and community learning spaces in the US.
• Numerous employee-led initiatives around the world, conducted via the dnata4good platform, to benefit charities, underprivileged individuals, and local communes. Highlights this year include: the donation of nearly 68,000kg of food in Australia to food rescue charities; the donation of a Braille embosser to help visually impaired children in India access vocational training; and the donation of beds to a project in Rome that provides shelter to migrants and homeless individuals in vulnerable situations.
• During Ramadan in the UAE, dnata raised over AED 80,000 and provided over 500 volunteers and 5,300 meals to support the Dubai Charity Association. MMI raised over AED 250,000 for Al Jalila Foundation and worked with them to distribute 15,000 meals.

More details on the Group’s environmental, social and governance initiatives can be found in the full 2025-26 Emirates Group Annual Report.

The 2025-26 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries - is available at: www.theemiratesgroup.com/annualreport. 

US$ figures are converted at 1US$ = 3.67AED and are based on the AED figures rounded off in millions.

• Group: New record half-year performance with profit before tax of AED 12.2 billion (US$ 3.3 billion), up 17% from the same period last year. Revenue up 4% to AED 75.4 billion (US$ 20.6 billion).

•  Emirates: New record half-year profit before tax of AED 11.4 billion (US$ 3.1 billion), up 17%, and revenue of AED 65.6 billion (US$ 17.9 billion), up 6%, against the same period last year. Performance reflects strong and sustained travel demand across regions, and customer preference for the airline’s premium cabins.  

•  dnata: Achieves profit before tax of AED 843 million (US$ 230 million), up 17% compared to the same period last year, against a record half-year revenue of AED 11.7 billion (US$ 3.2 billion), up 13%, as operations expanded to meet customer demand.

DUBAI, UAE, 06 November 2025: The Emirates Group today announced a new record half-year financial performance, posting a profit before tax of AED 12.2 billion (US$ 3.3 billion) for the first six months of 2025-26, making this the fourth consecutive year of record profitability for the half-year reporting period.

After accounting for income tax charges, the Group’s profit after tax is AED 10.6 billion (US$ 2.9 billion), up 13% from last year.

Illustrating its strong operating performance, the Group maintained a robust EBITDA of AED 21.1 billion (US$ 5.7 billion), 3% higher than the AED 20.4 billion (US$ 5.6 billion) reported for the same period last year.

Group revenue was AED 75.4 billion (US$ 20.6 billion) for the first six months of 2025-26, up 4% from AED 70.8 billion (US$ 19.3 billion) last year.

The Group closed the first half year of 2025-26 with a record cash position of AED 56.0 billion (US$ 15.2 billion) on 30 September 2025, compared to AED 53.4 billion (US$ 14.6 billion) on 31 March 2025. The Group has been able to tap on its own strong cash reserves to support business needs, including funding for new aircraft deliveries and servicing existing debt obligations. The Group also paid the remaining AED 2 billion (US$ 545 million) in dividend to its owner, of the AED 6 billion (US$ 1.6 billion) declared during the financial year 2024-25.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The Group has once again delivered an outstanding performance, surpassing our half-year results of last year to achieve a new record profit for H1 2025-26. I’m delighted to note that Emirates maintains its position as the world’s most profitable airline for this half-year reporting period.

“This performance was primarily driven by the unflagging demand and growing customer preference for our product and services, which drove revenue growth and profitability.

“Emirates and dnata have invested billions to continually enhance our products and services, to bring new products to market, to improve our operations through innovation and technology, and to look after our employees who ensure our customers’ safety and satisfaction. These are core to our DNA. 

“The Group’s strong profitability enables us to continue making these investments, and to scale up our proven business models in concert with Dubai’s growth as a global city of choice for talent, for businesses, and for tourists.”

HH Sheikh Ahmed added: “Global demand for air transport and travel services has been buoyant, despite geo-political events and economic concerns in some markets. We expect this demand resilience to continue for the rest of 2025-26 and look forward to increasing our capacity to grow revenues as new A350 aircraft join the Emirates fleet, and new facilities come online at dnata.”

To support increased operations and business activities, the Emirates Group’s employee base, compared to 31 March 2025, grew 3% to an overall count of 124,927 on 30 September 2025. Both Emirates and dnata have ongoing recruitment drives to support their future requirements.

Emirates airline

Emirates continued to enhance its network and connectivity options through its Dubai hub.  During the first half of 2025-26, Emirates launched new flight services to: Danang, Siem Reap, Shenzhen and Hangzhou. At 30 September, Emirates’ passenger and cargo network spanned 153 airports in 81 countries and territories.

The airline strengthened its network connectivity by deploying 28 additional weekly scheduled flights to: Antananarivo, Johannesburg, Muscat, Rome, Riyadh and Taipei.

Providing even more connection options for customers, during the first six months of 2025-26, Emirates entered agreements with 3 codeshare and interline partners: Air Seychelles, Condor, and Aurigny.

Between 1 April and 30 September, Emirates received delivery of 5 new A350 aircraft, adding more Business Class and Premium Economy seats into the airline’s inventory.  During this period, 23 aircraft (6 A380s, 17 Boeing 777s) with fully refreshed interiors rolled out of the airline’s US$ 5 billion retrofit programme. This enabled Emirates to bring its latest cabin products to even more markets, including the industry-leading Emirates Premium Economy. By 30 September, Emirates Premium Economy was available to customers flying between Dubai and 61 cities.

On ground, “Emirates First” opened at Dubai Airport, offering First Class customers and Platinum Skywards members a luxurious private check-in area and experience. In the first six months of 2025-26, Emirates accelerated the roll-out of its retail strategy with the opening of new concept travel stores in Accra, Bangkok, Geneva, Jakarta, Mauritius, Osaka, Seoul, and Singapore.

Emirates continued to progress on its environmental initiatives, uplifting sustainable aviation fuel (SAF) where available and feasible, including at 37 airports.  In April, Emirates joined the Aviation Circularity Consortium (ACC), a network of organisations committed to building a circular economy for aviation and creating new pathways to accelerate decarbonisation through high-value circularity in the global supply chain.

In the first half of 2025-26, Emirates made notable investments to boost its global brand visibility. The airline signed multi-year sponsorship deals to become Platinum Partner of FC Bayern Munchen, Official Main Sponsor of Real Madrid Basketball, and Premium Partner and Official Airline Partner of the Investec Champions Cup and European Professional Club Rugby (EPCR) Challenge Cup. Emirates also extended its partnership with ATP as Premier Partner and Official Airline of the ATP Tour up to 2030, and its shirt sponsorship with Olympique Lyonnais until 2030. 

Overall capacity during the first six months of the year increased by 5% to 31.3 billion Available Tonne Kilometres (ATKM) due to expanded flight operations. Capacity measured in Available Seat Kilometres (ASKM), increased by 5%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 4% with an average Passenger Seat Factor of 79.5%, compared with 80.0% during the same period last year. Emirates carried 27.8 million passengers between 1 April and 30 September 2025, up 4% from the same period last year.

Emirates SkyCargo transported 1.25 million tonnes in the first six months of the year, up by 4% compared to the same period last year. Customer demand for Emirates SkyCargo’s specialised products and excellent network of freighter and bellyhold cargo operations remained steady. However, cargo yields decreased by 6% due to softening demand in some market segments amidst tariff concerns.

Emirates SkyCargo added capacity from 3 new Boeing 777 freighter delivered. In April, the cargo division launched Emirates Courier Express, an innovative product that leverages the power of the airline’s global network to provide door-to-door express shipping services for businesses.

Cementing its position as the world’s most profitable airline for the half year reporting period, Emirates profit before tax for the first half of 2025-26 hit a new record of AED 11.4 billion (US$ 3.1 billion), compared to AED 9.7 billion (US$ 2.6 billion) last year. Emirates profit after tax is AED 9.9 billion (US$ 2.7 billion), up 13% from last year.

Emirates revenue, including other operating income, of AED 65.6 billion (US$ 17.9 billion) was up 6% compared with AED 62.2 billion (US$ 16.9 billion) for the same period last year. The airline’s new record revenue can be attributed to unabated travel appetite across markets, and customer preference for Emirates’ products and services, particularly for its premium cabins.

Emirates’ operating costs (including fuel) grew by 4% in line with increased operations. Fuel remains the largest component of the airline’s operating cost at 30%.

Driven by customer demand and increased operations during the six months, Emirates’ EBITDA of AED 19.7 billion (US$ 5.4 billion) remained strong, up 3% compared to AED 19.1 billion (US$ 5.2 billion) for the same period last year.

Emirates Flight Catering grew revenue from external customers by 13% to AED 555 million (US$ 151 million), uplifting 7.7 million meals (up by 2%) for 116 airlines during the period.

Emirates Leisure Retail acquired the remaining 25% stake in Air Ventures LLC in the US, securing full ownership of the entity, which operates airport retail and F&B outlets.

dnata

dnata saw strong growth in the first six months of 2025-26, as it continued to ramp up operations across its cargo and ground handling, catering and retail, and travel services businesses.

In the first half of 2025-26, dnata’s airport services and catering and retail divisions won several significant new contracts and grew existing customers across its international operations. This shows dnata’s ability to serve the diverse requirements of its airline customers with high safety standards and consistently high-quality products and services.

dnata continued to make strategic investments in its business to respond to customer needs and tap on market prospects. It announced plans to deploy 800 new ground support equipment (GSE) units across its global network in 2025, an investment valued at US$ 110 million to further enhance operational performance and secure a steady supply of advanced, lower-emission equipment to support dnata’s growth and sustainability targets.

Other highlights in the first half of 2025-26 include: the launch of its airport hospitality brand, marhaba, in the United Kingdom; a €3 million minority stake investment in WonderMiles, an advanced NDC-enabled booking platform to strengthen dnata Travel’s corporate business offering; and the disposal of its 75% stake in Super Bus, which operates sightseeing tours in the UAE.

dnata also entered its first major sports sponsorship partnership, signing a three-year agreement with Dubai Basketball to become a Founding Partner of the city’s first professional basketball franchise.

dnata achieved a new record half-year revenue, crossing the US$ 3.0 billion mark for the first time for this reporting period. dnata’s revenue, including other operating income, of AED 11.7 billion (US$ 3.2 billion) increased by 13% compared to AED 10.4 billion (US$ 2.8 billion) generated in the same period last year.

Overall profit before tax for dnata is AED 843 million (US$ 230 million), up by 17% from the same period last year. dnata’s profit after tax is AED 697 million (US$ 190 million), up 22% from last year.

Illustrating its operating performance, dnata’s EBITDA was AED 1.4 billion (US$ 372 million), up 5% from last year’s AED 1.3 billion (US$ 354 million).

dnata’s airport operations remains the largest contributor to revenue with AED 5.5 billion (US$ 1.5 billion), a 15% increase compared to the same period last year, as its airline customers’ operations continued to pick up particularly in Italy, Australia, the UK and the UAE.  Across its operations, the number of aircraft turns handled by dnata increased by 15% to 450,903 bolstered by its newly launched operations at Rome Fiumicino Airport, and it recorded 1.59 million tonnes of cargo handled, up by 3% due to additional cargo handling driven by its UAE operations.

dnata’s flight catering and retail operations, contributed AED 4.1 billion (US$ 1.1 billion) to its revenue, up 11% as its retail product grew significantly as part of the division’s strategy, catering production increases in Australia and the UK to meet customer demand, and the positive impact of revised contracts to reflect rising supply costs. The overall number of meals uplifted slightly decreased by 1% to 60.0 million meals compared to last year.

dnata's travel division contributed AED 2.0 billion (US$ 538 million) to revenue, up 11% compared to AED 1.8 billion (US$ 483 million) for the same period last year.  The division reported an underlying total transactional value (TTV) of AED 5.0 billion (US$ 1.4 billion), compared to AED 4.5 billion (US$ 1.2 billion), up 9% compared to the same period last year.

Both Emirates and dnata contributed record revenues in 2024-25, as the Group expanded its operations around the world to meet voracious customer demand for its high-quality products and services.

For the financial year ended 31 March 2025, the Emirates Group reported:

• record profit before tax of AED 22.7 billion (US$ 6.2 billion), up 18% from last year
• record revenue of AED 145.4 billion (US$ 39.6 billion), up 6% over last year’s results
• record level of cash assets at AED 53.4 billion (US$ 14.6 billion), up 13% from last year
• highest-ever EBITDA of AED 42.2 billion (US$ 11.5 billion), up 6%, demonstrating its strong operating profitability

Emirates earns its place as the world’s most profitable airline, reporting:

• record profit before tax of AED 21.2 billion (US$ 5.8 billion), up 20% from last year
• record revenue of AED 127.9 billion (US$ 34.9 billion), an increase of 6% over last year
• highest-ever level of cash assets at AED 49.7 billion (US$ 13.5 billion), 16% higher compared to 31 March 2024.  

dnata delivered solid growth and performance across its business units, reporting:

• record profit before tax of AED 1.6 billion (US$ 430 million), up 2% from last year
• record revenue of AED 21.1 billion (US$ 5.8 billion), up 10%
• strong cash assets of AED 3.7 billion (US$ 1.0 billion).

The Group declares a dividend of AED 6.0 billion (US$ 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% tax charge, the Group’s profit after tax is AED 20.5 billion (US$ 5.6 billion).

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “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. 

“When the government set up Emirates 40 years ago and we began expanding dnata’s capabilities to support the city’s growth, we had a clear mission - be the best at what we do; and deliver value to Dubai, our stakeholders, and the communities we serve.

“With that in mind, 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 our customers, and we 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 geo-political and socio-economic challenges over the years.”

HH Sheikh Ahmed added: “For 2024-25, the Emirates Group has raised the bar to set new records for profit, revenue, and cash assets. Through the year, Emirates and dnata were able to move quickly to meet the strong demand for air transport services across markets and win over customers - thanks to our non-stop investments in our people, in building partnerships, and in delivering great products and services.

“I’d like to thank our amazing people at the Emirates Group for achieving another record year, and our customers and partners for their trust and support. My gratitude to Dubai’s visionary leaders HH Sheikh Mohammed bin Rashid Al Maktoum, and his sons HH Sheikh Hamdan and HH Sheikh Maktoum, for their continued leadership and stewardship of Dubai’s strategy, in which the Emirates Group is proud to play a key role.”

In 2024-25, the Group collectively invested AED 14.0 billion (US$ 3.8 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 9% to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and boost its future capabilities.

Commenting on the outlook for 2025-26, Sheikh Ahmed said: “We enter the year ahead with excitement and optimism. Our excellent financial standing enables us to continue building on and scaling up from our successful business models. While some markets are jittery about trade and travel restrictions, volatility is not new in our industry. We simply adapt and navigate around these challenges.  

“Emirates will strengthen our network connectivity with the expected delivery of 16 A350s and 4 Boeing 777 freighters in 2025-26, providing much-needed capacity to meet customer demand. Our retrofit programme will continue apace to provide our customers the latest Emirates products and a more consistent experience across our A380, 777 and A350 fleet.

“dnata is on a steady growth path with facility investments coming to fruition in key markets, including the opening of new facilities in Amsterdam, Dubai and Erbil next year which will significantly expand our cargo handling capacity and capabilities.  

“Work is already underway at the new Al Maktoum International airport (DWC) and broader development around Dubai South. Our planning teams are working closely with Dubai airports and other entities to design and deliver the future of aviation and the best possible travel experiences. 

“We’ve set high targets for ourselves, but I am confident that our talented workforce and Dubai’s winning formula will empower the Emirates Group to forge an even brighter future, and deliver even more value to the people, cities and communities we serve.”  

 

Emirates performance

Emirates’ total passenger and cargo capacity grew 4% to 60.0 billion ATKMs in 2024-25, recovering to near pre-pandemic levels.

During the year, Emirates launched two new destinations - Bogotá and Madagascar; restarted flights to Phnom Penh, Lagos, Adelaide and Edinburgh; and strengthened services to 21 other destinations to meet rising demand. By 31 March, Emirates served 148 cities in 80 countries and territories. Emirates also grew its partnerships to 33 codeshare and 118 interline partners, providing customers smooth access to over 1,750 cities beyond its network.  

The first Airbus A350 aircraft joined Emirates’ fleet this year, bringing added capacity for the airline to serve customer demand with its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had 4 A350s in its fleet flying to Edinburgh, Ahmedabad, Bahrain, Colombo, Kuwait and Mumbai.  

With ongoing delays in new aircraft deliveries, Emirates added 99 more aircraft to its retrofit programme which will now see 219 aircraft go through a full cabin refresh at a total investment of US$ 5.0 billion. At 31 March, Emirates’ order book had 314 aircraft pending delivery, including 61 A350s, 205 Boeing 777x, 35 787s, and 13 777Fs.

Total fleet count at the end of March was 260 units, with an average fleet age of 10.7 years. 

By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 6% to AED 127.9 billion (US$ 34.9 billion). Currency fluctuations and devaluations in some of the airline’s major markets negatively impacted the airline’s profitability by AED 718 million (US$ 196 million).

Emirates saw a record operating cash flow of AED 40.8 billion (US$ 11.1 billion) in 2024-25, which reflects its strong commercial performance and enables the airline to grow the business going forward.

Total operating costs increased by 4% from last financial year. Fuel and employee cost were the airline’s two biggest cost components in 2024-25, followed by cost of ownership (depreciation and amortisation). Fuel accounted for 31% of operating costs compared to 34% in 2023-24. The airline’s fuel bill decreased slightly to AED 32.6 billion (US$ 8.9 billion) compared to AED 34.2 billion (US$ 9.3 billion) the previous year, as lower average fuel price (down 10%) including hedging gains offset a higher uplift of 5% from increased flying.

With robust appetite for travel across customer segments, the strength of its global network, and strong customer preference for its products, Emirates hit a new record profit after tax of AED 19.1 billion (US$ 5.2 billion), outstripping last year’s AED 17.2 billion (US$ 4.7 billion) result with an exceptional profit margin of 14.9%. This is the best performance in the airline’s history, and in the airline industry for the reporting year 2024-25.

Emirates carried 53.7 million passengers (up 3%) in 2024-25, with seat capacity up by 4%. The airline reports a Passenger Seat Factor of 78.9%, a marginal decline from 79.9% last year. Passenger yield remained consistent at 36.6 fils (10.0 US cents) per Revenue Passenger Kilometre (RPKM).  

Emirates continued to invest in delivering ever better customer experiences. In addition to a range of inflight service enhancements in 2024-25, Emirates invested AED 63 million in its lounge product, opening two new lounges at London Stansted and Jeddah to bring the total number of dedicated Emirates Lounges globally to 41; and renovated existing facilities in Bangkok and Paris. This is part of a long-standing strategy to provide premium customers with signature experiences at key stations across the network, not only at its hub. The airline also launched its Emirates Chauffeur-Drive Service to Riyadh, expanding this signature service to over 70 cities. 

Emirates World, its premium travel retail store, opened in 8 global cities at an investment of AED 34 million, providing a bespoke environment for specialist consultants to serve more customers in person, in their communities. 

Emirates SkyCargo delivered an outstanding year, carrying 2.3 million tonnes of goods around the world, up 7% from the previous year as the delivery of 2 new Boeing 777 freighters and 2 wet-leased 747 freighters unlocked capacity to serve surging demand for air transport.

Ably navigating the ongoing challenges in global logistics, the cargo division reported a solid revenue of AED 16.1 billion (US$ 4.4 billion), contributing 13% to Emirates’ total revenue. Cargo yield per Freight Tonne Kilometre (FTKM) increased by 10%, returning to pre-pandemic marketplace levels.  

This strong performance reflects Emirates SkyCargo’s ability to win customer preference and serve demand with its specialist logistics solutions, the power and connectivity of Emirates’ global network, Dubai’s world-class intermodal logistics capabilities, and the airline’s ongoing investments in digital technology, infrastructure, and tailored products.

During the year, Emirates added Copenhagen to its freighter network and signed an MoU with Astral Aviation to expand its reach in Africa. Emirates Delivers, an e-Commerce delivery solution, was launched in Saudi Arabia to connect local shoppers with online retailers in the US and UK. As part of its ongoing digitisation push, our cargo division launched eQuote, a digital ‘self-service’ touchpoint that enables customers in 75 countries to request and manage spot quotations anytime, anywhere. 

Emirates placed orders for 10 more Boeing 777Fs, a significant investment to strengthen its cargo division’s position at the centre of global trade and logistics. Emirates SkyCargo has 13 freighters on order and expects to operate a fleet of 21 freighters by December 2026.  

At the end of March, Emirates’ SkyCargo’s total freighter fleet stood at 10 Boeing 777Fs.

Under Emirates Group companies and subsidiaries, Emirates Flight Catering (EKFC) and MMI/Emirates Leisure Retail (ELR) reported notable results in 2024-25.

EKFC grew revenue from external customers by 11% to AED 1.1 billion (US$ 293 million), uplifting 15.4 million meals during 2024-25 for its 114 airline customers in Dubai. It committed AED 160 million to expand Linencraft’s facility to handle 400 tonnes of laundry per day by 2026, cementing its place as the region’s leading laundry services provider. EKFC also launched its gourmet B2C offering, Foodcraft, to consumers in the UAE. 

MMI/ELR posted solid results with revenue growing 6% to AED 3.1 billion (US$ 847 million). During the year, both businesses saw strong customer demand across their portfolio, and extended their footprint with F&B and retail stores opening in 22 new locations, including MMI’s first retail outlet in Sri Lanka.  

With a strong cash balance and operating cash flow, Emirates fully met all contracted obligations during 2024-25, including aircraft pre-delivery payments and financing liabilities as they become due, utilising our cash reserves which stood at AED 49.7 billion as of 31 March.

Emirates also fully repaid its US$ 750 million Corporate Bond which was issued in 2013 with a 12-year term. Listed on the Irish Stock Exchange, this bond was the first senior unsecured amortising bond issued by an airline, and the airline’s diligence in honouring the payment schedule further enhances its credit worthiness in global financial markets. 

During the year, Emirates continued to deploy simple forward contracts to hedge against Brent crude oil and refining margins; and used long-term interest rate hedges to mitigate the impact of interest rate fluctuations. With significant currency exposure due to its global presence, Emirates continued to manage foreign exchange rate risk through currency options, forward contracts, and natural hedges. Its systematic approach improved cash flow predictability against volatile market shifts, reinforcing financial stability. In 2024-25, the airline’s risk management programme generated savings of AED 1.1 billion (US$ 287 million).

dnata performance

dnata increased its profit before tax by 2% to AED 1.6 billion (US$ 430 million) in 2024-25, with all business divisions reporting a solid performance, and notable contributions from its airport operations and catering and retail divisions.

dnata's total revenue increased by 10% to hit a new record of AED 21.1 billion (US$ 5.8 billion), driven by increased flight and travel activity across the world, particularly in its major markets: Australia, Europe, the UAE, UK, and US.

dnata’s international businesses account for 75% of its revenue, unchanged from the previous year.

Expanding its capabilities and capacity to meet customer needs and its future growth ambitions, dnata’s investments in 2024-25 amounted to AED 579 million (US$ 158 million). Significant investments during the year included: new electric and hybrid ground support equipment for its airport operations as part of its environmental strategy, new catering facilities in Australia, and new cargo facilities in the UAE.

In 2024-25, dnata’s operating costs increased by 10% to AED 19.7 billion (US$ 5.4 billion), in line with expanded operations in its Airport Operations, Catering & Retail, and Travel divisions.

dnata’s cash balance declined by AED 468 million to AED 3.7 billion (US$ 1.0 billion), primarily due to dividend payments to its owner, ICD; plus the funding of investments and debt repayments. The business saw a positive operating cash flow of AED 2.7 billion (US$ 735 million) in 2024-25, reflecting the substantial improvements in revenue.

Revenue from dnata’s Airport Operations, including ground and cargo handling increased to AED 9.9 billion (US$ 2.7 billion).

The number of aircraft turns handled by dnata globally grew by 2% to 794,091; and cargo handled increased by 9% to 3.1 million tonnes, reflecting new contracts won, and increased flight activity by dnata’s airline customers across markets.

This year, dnata’s Airport Operations division launched operations at Rome Fiumicino Airport, after it acquired the remaining 30% stake in Airport Handling to secure full ownership of the Italian ground services provider. Supporting nearly 70,000 flights annually for 22 airline customers, dnata’s new Rome operations nearly doubles its presence in Italy which also includes ground handling teams at two airports in Milan – Malpensa and Linate. During 2024-25, dnata also won a seven-year renewal of its operating licenses in Zürich and Brussels; and added Raleigh-Durham International Airport to its international airport operations network.  

On the cargo front, dnata made significant investments to meet growing global demand. In Dubai, dnata Logistics broke ground on a 57,000 m² warehouse in Dubai South, a US$ 27 million investment that will support Dubai’s continued growth as a global logistics hub. In Zürich, dnata’s exclusive lease agreement will see it operate the airport authority’s new, advanced warehouse when it opens in early 2027.  

dnata’s Catering & Retail business accounted for AED 7.1 billion (US$ 1.9 billion) of dnata’s revenue, up by 10%. The inflight catering business uplifted 114.0 million meals to airline customers, a 2% decline from last year. During 2024-25, dnata optimised and refocussed its service portfolio on strategic customer segments.

Key customer wins in 2024-25 include: long-term contracts secured with Etihad Airways and British Airways in the USA; and the long-term extension of an agreement for dnata to manage Jordan Flight Catering Company Ltd which delivers world-class culinary services to over 30 airlines in Amman. 

Major investments during the year include an AU$ 17 million inflight catering centre at the new Western Sydney International Airport and an expansion at Melbourne Airport to increase production capacity to 25 million meals annually. Both facilities are set to open in 2026.  

Revenue from dnata’s Travel Services division grew by 11% to AED 3.9 billion (US$ 1.1 billion), with strong contributions from its UK travel business and Imagine Cruising, its cruise holidays business. 

Total transaction value (TTV) of travel services sold increased by 9% to AED 9.7 billion (US$ 2.6 billion), reflecting the division’s ability to deliver relevant B2B and B2C travel products across customer segments globally.

In 2024-25, dnata’s travel division continued to enhance its expansive portfolio of products and services to meet the evolving and diverse needs of its customers. In the UAE, dnata Travel relaunched its brand proposition, and made major online and offline investments, including an enhanced booking experience on dnatatravel.com and a vibrant new retail store design.  Arabian Adventures introduced new products to cater to the growing number of UAE visitors, including the launch of a premium private dining experience in partnership with Veuve Clicquot; and the opening of The Fort Lisaili, a new multi-experience desert destination in Dubai.

dnata Travel Management onboarded new corporate clients, while dnata Representation Services in Dubai signed six new general sales agent (GSA) contracts with leading international airlines.  

Sustainability

During 2024-25, the Group continued to invest and implement initiatives that help reduce its impact on the planet, increase engagement with communities, and develop and reward its people. 

Emirates continues to seek opportunities to use Sustainable Aviation Fuel (SAF) where feasible across its network. During 2024-25, the airline took its first deliveries of SAF at London Heathrow and Singapore. Emirates also joined Germany’s Aviation Initiative for Renewable Energy, which promotes the development and use of renewable aviation fuel.

Tapping on funds earmarked for research in sustainable aviation solutions, Emirates partnered with the Aviation Impact Accelerator at the University of Cambridge, supporting their research in emissions reduction pathways.  

Emirates launched a large-scale solar energy project at the Emirates Engineering Centre in Dubai to meet 37% of the centre’s power demand; signed up as strategic partner of the Dubai Reef project which focusses on marine conservation; joined the Move to -15^oC global coalition, which aims to reduce energy consumption in the frozen food supply chain; and was the first airline to add donkey hides to its wildlife embargo list after the African Union banned the slaughter of donkeys.

Combining innovative upcycling with social impact, Emirates launched “Aircrafted Kids”, an initiative where seat fabric recovered from the airline’s retrofit programme were made into thousands of durable schoolbags and distributed through NGOs to disadvantaged children around the world to support their education. Emirates also donated 12,000 eyeshades to support teacher training initiatives in the UK for the blind and low vision community. 

dnata expanded its fleet of electric and hybrid ground support equipment (GSE) at airports around the world this year, adding electric GPUs in Dubai, electric forklifts in Singapore, and electric tugs in São Paulo. dnata also trialled its first 100% electric catering truck in Prague. During the year, it launched dnata’s ‘Station of Tomorrow’ at Orlando International Airport, featuring a fully electric GSE fleet; and executed its first fully electric pushback operation in Australia.  

For its non-electric vehicle fleet, dnata aims to use alternative fuel options to reduce emissions where feasible. In 2024-25, dnata transitioned to a biodiesel blend for all non-electric airside vehicles and GSEs in Dubai; began a trial with ExxonMobil on renewable diesel (R20) in Singapore; and began operating its heavy goods vehicles at London Heathrow with 90% Hydrotreated Vegetable Oil (HVO). 

During 2024-25, the Group expanded its extensive portfolio of programmes for employee development, training, reward and recognition, and well-being. Highlights include: the opening of Wejhaty, a futuristic one-stop-shop for employees’ HR needs; a bespoke engagement zone tailored to our crew community; an early careers programme and an international scholarship programme for Emiratis; and the enhancement of basic salaries and allowances to balance the rising cost of living in the UAE and across its global network.

More details of the Group’s environmental, social and governance initiatives can be found in the full 2024-25 Emirates Group Annual Report.

The 2024-25 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries - is available at: www.theemiratesgroup.com/annualreport. 

-ENDS-

US$ figures are converted at 1US$ = 3.67AED and are based on the AED figures rounded off in millions.

DUBAI, UAE, 07 November 2024: The Emirates Group today announced its best-ever half-year financial performance, posting a profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year. 

This is the first financial year that the UAE corporate income tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9% tax charge, the Group’s profit after tax is AED 9.3 billion (USD 2.5 billion).

Demonstrating its strong operating profitability, the Group maintained a robust EBITDA of AED 20.4 billion (US$ 5.6 billion), slightly lower from AED 20.6 billion (US$ 5.6 billion) last year.

Group revenue was AED 70.8 billion (US$ 19.3 billion) for the first six months of 2024-25, up 5% from AED 67.3 billion (US$ 18.3 billion) last year. This reflects the consistently strong customer demand across business divisions, and across regions.

The Group closed the first half year of 2024-25 with a solid cash position of AED 43.7 billion (US$ 11.9 billion) on 30 September 2024, compared to AED 47.1 billion (US$ 12.8 billion) on 31 March 2024. The Group has been able to tap on its own strong cash reserves to support business needs, including payments for new freighter aircraft orders and other debt payments. The Group also paid AED 2 billion in dividend to its owner, as declared at the end of its 2023-24 financial year.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The Group has surpassed its record performance of last year to deliver a fantastic result for the first half of 2024-25. This again illustrates the power of our proven business model working in combination with Dubai’s growth trajectory as a city of choice to live, work, visit, connect through, and do business in.

“The Group’s strong profitability enables us to make the investments necessary for our continued success. We’re investing billions of dollars to bring new products and services to the market for our customers; to implement advanced technologies and other innovation projects to drive growth; and to look after our employees who work hard every day to ensure our customers’ safety and satisfaction.”

HH Sheikh Ahmed added: “We expect customer demand to remain strong for the rest of 2024-25, and we look forward to increasing our capacity to grow revenues as new aircraft join the Emirates fleet and new facilities come online at dnata. The outlook is positive, but we don’t intend to rest on our laurels. We will stay agile in deploying our capacity and resources in a dynamic marketplace.”

To support increased operations and business activities, the Emirates Group’s employee base, compared to 31 March 2024, grew 3% to an overall count of 114,610 on 30 September 2024. Both Emirates and dnata have ongoing recruitment drives to support their future requirements.

Emirates airline

Emirates continued to enhance its network and increase connectivity options through its Dubai hub.  During the first half of 2024-25, Emirates increased scheduled flights to 8 cities: Amsterdam, Cebu, Clark, Luanda, Lyon, Madrid, Manila and Singapore.

In May, Emirates restarted daily services to Phnom Penh in Cambodia via Singapore. In June, it launched daily services to Bogotá via Miami, expanding the airline’s South American presence to Colombia. In September, Emirates opened a new route to Madagascar via the Seychelles – taking its passenger and cargo network to 148 airports in 80 countries by 30 September.

Expanding connectivity options for customers, during the first six months of 2024-25, Emirates entered into new agreements with 7 codeshare, interline, and intermodal partners: AirPeace, Avianca, BLADE, ITA Airways, Iceland Air, SNCF Railway, and Viva Aerobus.

Between 1 April and 30 September, 8 aircraft (3 A380s, 5 Boeing 777s) with fully refreshed interiors rolled out of the airline’s US$ 4 billion retrofit programme. This enabled Emirates to accelerate the deployment of its latest cabin products, including its latest 4-class Boeing 777 that feature a new 1-2-1 layout of lie-flat seats with personal minibars in Business Class, and the popular Emirates Premium Economy.

The first retrofitted Emirates 777 was deployed to Geneva in August, followed by Tokyo Haneda and Brussels. For the next six months, as more aircraft are retrofitted, Emirates has lined up 10 more routes for its refurbished 777s: Riyadh, Zurich, Kuwait, Damman, Chicago, Boston, Dallas Fort Worth, Seattle, Newark-Athens and Miami-Bogota.

By year end, Emirates’ latest A380 and Boeing 777 inflight experiences including Premium Economy, will be available to customers on over 30 routes.

On ground, AED 44 million was invested to open new signature Emirates Lounges for premium customers in London Stansted and Jeddah airports, and refurbish the existing facility at Paris Charles De Gaulle. This is part of an ongoing multi-million dollar programme to enhance its network of owned Emirates Lounges. In July, Emirates opened a new concept travel store in Hong Kong, its first outside of the UAE, and it plans to launch more experiential stores around its network as part of its retail strategy.

Emirates continued to progress on its environmental initiatives, uplifting sustainable aviation fuel (SAF) where available and feasible. During the first six months of 2024-25, Emirates uplifted SAF for the first time in Singapore and London Heathrow.  

Emirates joined the Aviation Initiative for Renewable Energy (aireg) in Germany; and signed up as industry partner of the Aviation Impact Accelerator (AIA) at the University of Cambridge, contributing to the research and development of emissions reduction pathways. The AIA partnership also marked Emirates’ first disbursement from its US$ 200 million fund, specifically set aside to support R&D to advance sustainability solutions for aviation.

In the first half of 2024-25, Emirates boosted investments in its global brand visibility notably signing a significant new sponsorship deal to be Official Airline Partner of The Championships – Wimbledon. Emirates also extended its longstanding partnerships with the International Cricket Council (ICC) for a further 8 years, and with Portugal’s SL Benfica football club for another 5 years.

Overall capacity during the first six months of the year increased by 5% to 29.9 billion Available Tonne Kilometres (ATKM) due to expanded flight operations. Capacity measured in Available Seat Kilometres (ASKM), increased by 4%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up by 2% with an average Passenger Seat Factor of 80.0%, compared with 81.5% during the same period last year. Emirates carried 26.9 million passengers between 1 April and 30 September 2024, up 3% from the same period last year.

Emirates SkyCargo transported 1,198,000 tonnes in the first six months of the year, up 16% compared to the same period last year, with notable volume contributions from strong Chinese eCommerce traffic, and a rise in shipments bound for Dubai. 

Emirates SkyCargo was able to meet demand with added capacity from 1 new Boeing 777 freighter delivered, and 2 additional wet-leased Boeing 747Fs.  During the first six months of 2024-25, Emirates placed orders for 10 additional Boeing 777 freighters to support its growth.

Strong customer demand for Emirates SkyCargo’s specialised products and excellent network of freighter and bellyhold cargo operations saw cargo yields increase by 11%.

Emirates profit before tax for the first half of 2024-25 hit a new record of AED 9.7 billion (US$ 2.6 billion), compared to AED 9.5 billion (US$ 2.6 billion) for the same period last year. Emirates profit after tax is AED 8.7 billion (US$ 2.4 billion).

Emirates revenue, including other operating income, of AED 62.2 billion (US$ 16.9 billion) was up 5% compared with AED 59.5 billion (US$ 16.2 billion) for the same period last year. The airline’s new record revenue can be attributed to consistently strong travel and air cargo demand across markets, and its ability to offer customers great value and services.

Emirates’ direct operating costs (including fuel) grew by 6% in line with increased operations. Fuel remains the largest component of the airline’s operating cost (32%), compared to 34% in the same period last year.

Driven by customer demand and increased operations during the six months, Emirates’EBITDA of AED 19.1 billion (US$ 5.2 billion) remained very strong, although slightly down by 2% compared to AED 19.5 billion (US$ 5.3 billion) for the same period last year.

dnata

dnata saw strong growth in the first six months of 2024-25, as it continued to ramp up operations across its cargo and ground handling, catering and retail, and travel services businesses.

In the first half of 2024-25, dnata’s airport services and catering and retail divisions won several significant new contracts, and grew existing customers across its international operations. This shows dnata’s ability to serve the diverse requirements of its airline customers with high safety standards and consistently high-quality products and services.

dnata continued to make strategic investments in its business to respond to customer needs and tap on market prospects. Highlights in the first half of 2024-25 include: the expansion of its USA footprint with the launch of ground handling operations at Raleigh-Durham International airport; the signing of significant deals for new ground support equipment (GSE) estimated at a total value of over US$ 210 million over their lifespan; and the planned 50% increase in cargo handling capacity in Zurich, Switzerland, with additional warehouse capacity.

dnata also progressed its environmental agenda to reduce emissions, with investments to transition its entire fleet of non-electric airside vehicles and GSEs in the UAE to biodiesel, and the addition of more electric GSEs to its Brazil and UAE operations.

dnata’s revenue, including other operating income, of AED 10.4 billion (US$ 2.8 billion) increased by 11% compared to AED 9.3 billion (US$ 2.5 billion) generated in the same period last year.

Overall profit before tax for dnata is AED 720 million (US$ 196 million), down by 5% from the same period last year, primarily due to a one-off impairment charge of AED 152 million. dnata’s profit after tax is AED 571 million (US$ 156 million).

Illustrating its operating profitability, dnata’s EBITDA was AED 1.3 billion (US$ 354 million), up 16% from last year’s AED 1.1 billion (US$ 305 million).

dnata’s airport operations remains the largest contributor to revenue with AED 4.8 billion (US$ 1.3 billion), a 15% increase compared to the same period last year, as its airline customers’ operations continued to pick up particularly in Australia, Singapore, the UAE and UK.  Across its operations, the number of aircraft turns handled by dnata increased by 2% to 391,365, and it recorded 1.5 million tonnes of cargo handled, up by 18% due to the buoyant demand for air cargo services globally.

dnata’s flight catering and retail operations, contributed AED 3.7 billion (US$ 1.0 billion) to its revenue, up 8% with catering production increases in Australia and the UK to meet customer demand, as well as the growth of its retail product as part of the division’s strategy, and the positive impact of revised contracts to reflect rising supply costs. The overall number of meals uplifted decreased by 5% to 62.7 million meals compared to last year’s 66.3 million meals.

dnata's travel division contributed AED 1.8 billion (US$ 483 million) to revenue, up 23% compared to AED 1.4 billion (US$ 391 million) for the same period last year, with strong contributions from its Imagine Cruising, Destination Asia and Middle East Corporate Travel businesses. The division reported an underlying total transactional value (TTV) sales of AED 4.5 billion (US$ 1.2 billion), compared to AED 4.1 billion (US$ 1.1 billion) for the same period last year. 

[1] The UAE corporate tax applies to the Emirates Group from its 2024-25 financial year. Hence, PAT figures for September 2024 and September 2023 are not directly comparable.

• Group revenue of AED 119.8 billion (US$ 32.6 billion) increased by 81% with strong customer demand worldwide with almost all travel restrictions removed.
• Ends year with highest-ever cash balance of AED 42.5 billion (US$ 11.6 billion).
• The Group has declared a dividend of AED 4.5 billion (US$ 1.2 billion) to its owner ICD, Investment Corporation of Dubai. 
• Repays AED 3.0 billion (US$ 817 million) of debt raised during COVID-19 crisis, partly ahead of maturity.
• Chairman credits the Group’s record performance and ongoing success to HH Sheikh Mohammed bin Rashid Al Maktoum’s leadership and Dubai’s progressive policies.

Emirates reports its most profitable year ever with a profit of AED 10.6 billion (US$ 2.9 billion) compared with AED 3.9 billion (US$ 1.1 billion) loss in the previous year

• Revenue up 81% to AED 107.4 billion (US$ 29.3 billion), as airline restored its global network and reinstated more passenger flights.
• Airline capacity increased by 32% to 48.2 billion ATKMs, with two new 777 freighter aircraft added to its fleet.

dnata reports a profit of AED 331 million (US$ 90 million), a solid growth from its AED 110 million (US$ 30 million) profit last year

• Revenue increased by 74% to AED 14.9 billion (US$ 4.1 billion), reflecting the ongoing pandemic recovery across all business divisions in the UAE and worldwide. 
• Expands global footprint with launch of operations in Zanzibar, Tanzania; new cargo operations in Germany and Canada, and acquiring full ownership of ground handling operations in Brazil.

DUBAI, UAE, 11 May 2023 - The Emirates Group today released its 2022-23 Annual Report, reporting its most profitable year ever on the back of strong demand across its businesses.

Emirates achieved new record profits, a complete turnaround from its loss position last year.

Both Emirates and dnata saw significant revenue increases in 2022-23 as the Group expanded its air transport and travel-related operations following the removal of nearly all pandemic-related restrictions around the world.

For the financial year ended 31 March 2023, the Emirates Group posted a record profit of AED 10.9 billion (US$ 3.0 billion) compared with an AED 3.8 billion (US$ 1.0 billion) loss for last year. The Group’s revenue was AED 119.8 billion (US$ 32.6 billion), an increase of 81% over last year’s results. The Group’s cash balance was AED 42.5 billion (US$ 11.6 billion), the highest ever reported, up 65% from last year mainly due to strong demand across its core business divisions and markets.  

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “We’re proud of our 2022-23 performance which is not only a full recovery, but also a record result. This achievement would not have been possible without HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, whose leadership has been critical to our success today and through the years. The architect of Dubai’s progressive economic policies, HH Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.”

He added: I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97% year-on-year growth in international visitors for 2022. The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over US$ 47 billion (AED 172.5 billion). With our growth plans, and in line with the Dubai Economic Agenda D33, we expect to significantly increase our contribution to the UAE’s GDP over the next decade through direct and indirect employment, supply chain spending, tourism spend, and trade and commerce benefits from the movement of cargo.”

Commenting on the Group’s 2022-23 turnaround performance, Sheikh Ahmed said: “We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers. Our ongoing investments in our brand, and in our products and services, helped drive customer preference and position us favourably in the market. As a result, we have delivered a record financial performance and cash balance for our financial year 2022-23.  This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”

To support expanded operations and to bolster the Group’s future capabilities, Emirates and dnata ramped up recruitment activity across the globe during the year. As a result, the Group’s total workforce increased by 20% to 102,379 employees, representing over 160 different nationalities.

In 2022-23, the Group collectively invested AED 7.2 billion (US$ 2.0 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to position the business for future growth. Our commitments include: a massive multi-billion dollar aircraft cabin retrofit programme; an order for 5 new 777 freighters; the building of a new pilot training centre; the opening of Bustanica, the world’s largest vertical farm in Dubai under a partnership with CropOne; new training aircraft for its cadets at Emirates Flight Training Academy; dnata’s acquisition of 30% shares to gain full ownership of its ground handling operations in Brazil; and the building of a new advanced cargo facility in Erbil, Iraq.

The Emirates Group also continued to progress on its sustainability journey during the year. Notably, it signed up to the United Nations Global Compact, a voluntary initiative where Emirates and dnata will work towards making the UN Sustainable Development Goals (SDGs) and Principles part of their strategy, culture, and operations. The Group also signed the UAE Gender Balance Council’s pledge to increase female representation at mid-senior management positions to 30% across the country by 2025.

Amongst its numerous environmental initiatives, a key highlight for Emirates was the successful conduct of a demonstration flight with 100% sustainable aviation fuel (SAF) in one engine of a Boeing 777. This first-in-region initiative contributes to collective industry data and efforts to enable a future of 100% SAF flying. dnata in 2022-23 pledged to invest US$ 100 million (AED 367 million) over 2 years, to improve environmental efficiency across its global business, supporting its goal to reduce its carbon footprint by 50% by 2030.

During the year, the Group supported various community and humanitarian initiatives across its markets including relief efforts for the floods in Pakistan and the earthquake in Turkey and Syria. It also continued to participate in innovation incubators, and support programmes that build a pipeline of skilled aviation talent and develop future solutions for the industry.

Sheikh Ahmed said: “In 2022-23, we’ve not only brought back most of our operations but also grew our footprint and capabilities by investing in people, product, and new technologies – demonstrating our agility and ability. We continue to lay strong foundations for future success and join hands with partners to grow our business and to collaborate on innovative solutions for travel and aviation. As our business expands, so does our ability to make a positive impact on the communities we serve. We are steadfast in our commitment to deliver value to our customers and stakeholders while minimising our environmental impact.

“We go into 2023-24 with a strong positive outlook and expect the Group to remain profitable. We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty.”

Emirates performance

Emirates’ total passenger and cargo capacity increased by 32% to 48.2 billion ATKMs in 2022-23, as the airline continued to reinstate passenger services across its network in line with the lifting of pandemic-related flight and travel restrictions. 

In addition to launching services to Tel Aviv, Emirates relaunched flights to six destinations and increased operations to 62 cities across its network throughout the year to serve strong customer demand. By 31 March 2023, the Emirates network comprised 150 destinations across six continents, including 9 cities served by its freighter fleet only. 

Emirates also deployed its flagship A380 aircraft to even more cities during the year, bringing its A380 network to 43 destinations as of 31 March 2023.

Enabling its customers access even more destinations, Emirates signed agreements with new codeshare partners in 2022-23 most notably with United Airlines and Air Canada, expanding the airline’s connectivity in the Americas to over 200 new points, in addition to mutual frequent flyer programme benefits. Emirates also reinforced its strategic partnerships with Qantas and flydubai and added new interline and codeshare partners: Airlink, AEGEAN, ITA Airways, Air Tanzania, Bamboo Airways, Batik Air, Philippine Airlines, Royal Air Maroc and Sky Express.

Emirates received two new 777 freighter aircraft during the financial year. It also phased out 4 older aircraft comprising of 2 A380, 1 Boeing 777-300ERs and 1 Freighter. Its total fleet count at the end of March was 260 units, with a youthful average fleet age of 9.1 years. 

Emirates’ order book stands at 200 aircraft, including 5 additional Boeing 777-300ER freighter orders announced during 2022-23. The airline’s long-standing strategy of operating modern and efficient aircraft remains unchanged, a commitment which underpins its Fly Better brand promise as a young fleet is better for the environment, better for operations, and better for customers.

With significantly enhanced capacity deployment across most markets, Emirates’ total revenue for the financial year increased 81% to AED 107.4 billion (US$ 29.3 billion). Currency fluctuations in some of the airline’s major markets, notably the Euro, Pound Sterling, and devaluation of the Pakistani Rupee, significantly impacted the airline’s profitability negatively by AED 4.5 billion (US$ 1.2 billion).

Total operating costs increased by 57% from last financial year. Cost of ownership (depreciation and amortisation) and fuel cost were the two biggest cost components for the airline in 2022-23, followed by employee cost. Fuel accounted for 36% of operating costs compared to 23% in 2021-22. The airline’s fuel bill increased by 143% to AED 33.7 billion (US$ 9.2 billion) compared to the previous year, due to a higher uplift of 49% in line with capacity expansion and a higher average fuel price which was up by 48%.

With the removal of pandemic-related travel restrictions globally, the airline substantially improved its financial results and reported a record profit of AED 10.6 billion (US$ 2.9 billion) after last year’s AED 3.9 billion (US$ 1.1 billion) loss, and an exceptional profit margin of 9.9%, reflecting the best performance in the airline’s history.

Emirates carried 43.6 million passengers (up 123%) in 2022-23, with seat capacity up by 78%. The airline reports a Passenger Seat Factor of 79.5%, compared with last year’s passenger seat factor of 58.6%; and a 7% increase in passenger yield to 37.5 fils (10.2 US cents) per Revenue Passenger Kilometre (RPKM), due to a change in cabin and route mix, fares and currency.  

Emirates continued to invest in delivering ever better customer experiences. During the year, it launched its full Premium Economy experience to hugely positive customer feedback, brought into service the first 6 of its newly retrofitted A380s with completely refreshed cabin interiors, and opened ‘Emirates World’ - a modern concept retail store which will gradually be introduced to other key markets. It also announced a US$ 350 million investment in new generation inflight entertainment systems for its A350 fleet.

With a continued focus on digital initiatives to provide customers with speedy and secure journeys, Emirates also signed a landmark biometric data agreement with the General Directorate of Residency and Foreigners Affairs in Dubai to fast-track travellers’ journey on arrival.

Emirates SkyCargo delivered a solid performance, contributing 16% of the airline’s revenue despite a reduction in available capacity as aircraft that were temporarily converted into “mini freighters” during the pandemic returned to full passenger service.

In 2022-23, Emirates’ cargo division reinforced its leadership in cool chain transport, building on the advanced expertise and infrastructure that made it the carrier of choice for the transport of temperature sensitive medicines during the pandemic, and other perishable items.

Emirates SkyCargo maintained its edge in the global airfreight industry by focusing its customers, bringing innovative solutions to the market, and leveraging its fleet and network capabilities. During the year, the cargo division signed commercial MoUs with United Airlines and Air Canada to expand its network reach and capacity for customers; introduced a new digital channel, WebCargo, for customers to directly access and book its flights for their cargo shipments; and launched Emirates Delivers UK, expanding its e-commerce shipping solution to UAE customers. 

Emirates SkyCargo also deployed its expertise and capacity to transport relief goods to Pakistan, Turkey and Syria in partnership with Dubai’s International Humanitarian City.

With steady air freight demand throughout the year, Emirates’ cargo division reported a solid revenue of AED 17.2 billion (US$ 4.7 billion). This was a 21% decline over last year’s exceptional performance caused by the pandemic.

Freight yield per Freight Tonne Kilometre (FTKM) increased by 3% despite more cargo capacity returned to the global market, but generally remained at high levels compared to the pandemic marketplace due to steady and strong demand.

Tonnage carried declined by 14% to reach 1.8 million tonnes, due to the reduction in available freighter capacity for the entire year with the reinstatement of more passenger services. At the end of 2022-23, Emirates’ SkyCargo’s total freighter fleet stood at 11 Boeing 777Fs.

Emirates’ hotels portfolio revenue over last year increased by 12% to AED 675 million (US$ 184 million) reflecting the uptick in tourism traffic, particularly to Dubai.   

Emirates has consistently demonstrated the ability and commitment to fulfil its contractual obligations. In addition to repaying aircraft related financing liabilities as they fall due, it successfully repaid AED 3.0 billion (US$ 817 million) more of the total AED 17.5 billion (US$ 4.8 billion) raised during the COVID-19 crisis. This assurance continues to strengthen the confidence of its financing partners in its business model and allowed Emirates to reprice AED 4.5 billion (US$ 1.2 billion) of debt during this financial year and further raise AED 1.2 billion to finance the acquisition of two new B777 freighter aircraft through an Islamic finance lease at highly effective margins.

In the face of rising interest rates, Emirates adeptly managed its net exposure and effectively mitigated the impact of rate fluctuations on the bottom line. Additionally, the proactive currency risk management programme ensured ongoing financial stability and resilience by employing a range of hedging strategies including forward contracts and natural hedges.

Emirates closed the financial year with an exceptional level of cash assets of AED 37.4 billion (US$ 10.2 billion), 79% higher compared to 31 March 2022.   

dnata performance

Recovery from the pandemic was felt across almost all dnata businesses, and in 2022-23 dnata increased its profit by 201% to AED 331 million (US$ 90 million).

With growing flight and travel activity across the world, dnata's total revenue increased by 74% to AED 14.9 billion (US$ 4.1 billion). dnata’s international businesses account for 72% of its revenue, an increase of 10%pts from the previous year. Through the year, dnata worked closely with its customers through the challenges of labour shortages and rising inflation in its major markets such as UK, US, Europe and Australia.  

Laying the foundations for future growth, dnata’s investments in 2022-23 amounted to AED 467 million (US$ 127 million). Significant investments during the year included: a new cargo centre in Amsterdam, the Netherlands; new modern cargo and ground service equipment facilities in Erbil, Iraq; the global roll-out of its advanced “OneCargo” system to digitise and automate business functions; the expansion of marhaba operations in Dubai and Zanzibar; and the re-opening of renovated catering facilities in Sydney with energy efficient installations and equipment upgrades.

In 2022-23, dnata’s operating costs increased by 74% to AED 14.6 billion (US$ 4.0 billion), in line with expanded operations in its Airport Operations, Catering and Travel divisions and impacted by inflationary pressure across all markets mainly for labour and food supply.

dnata’s cash balance improved by more than AED 200 million to AED 5.1 billion (US$ 1.4 billion). Net cash used in financing activities, primarily payments for loans and leases, amounted to AED 906 million (US$ 247 million), while the business utilised net cash of AED 528 million (US$ 144 million) in essential investing activities. The business saw a positive operating cash flow of AED 1.4 billion (US$ 381 million) in 2022-23, a reflection of the substantial improvements in revenue.

Revenue from dnata’s Airport Operations, including ground and cargo handling increased to AED 7.2 billion (US$ 2.0 billion).

The number of aircraft turns handled by dnata globally grew by 35% to 712,383, cargo handled declined by 8% to 2.7 million tonnes, reflecting the increased flight activity across markets as the last pandemic restrictions lifted and dnata’s customers reinstated services.

During 2022-23, dnata launched its ground handling operations at the newly built terminal of Zanzibar Abeid Amani Karume International Airport, together with Emirates Leisure Retail (ELR) and MMI as master concessionaire for all food and beverage, duty free and commercial outlets at the terminal. It also expanded operations in Canada, partnering GTA Group to offer quality and safe cargo services in Calgary and Vancouver.

dnata’s Catering & Retail business accounted for AED 4.8 billion (US$ 1.3 billion) of dnata’s revenue, up by 187%. The inflight catering business uplifted 111.4 million meals to airline customers, almost three times the number of meals from last year, as its airline customers across the world restored their flight operations.

dnata’s Catering & Retail division substantially increased production to support airlines to restart their flight operations after the pandemic particularly in Australia, and its key markets of UK and the USA. It also worked extensively with its customers on flexing their menus to address supply chain issues and food inflation.

In the UAE, Alpha Flight Services (Alpha), dnata’s subsidiary, signed a concession agreement under which it will provide flight catering services to over 10 airlines at Ras Al Khaimah International airport, operate three F&B outlets, as well as the airport lounge.

Notable contract wins for the catering division in 2022-23 include: multi-year catering contracts with Australia’s newest airline, Bonza, and with Air India for its flights in London, Birmingham, and Milan; contracts with United Airlines and Edelweiss Air for their flights in Jordan; and with Lufthansa and Swiss International Air Lines in Singapore.

Revenue from dnata’s Travel Services division grew by 227% to AED 2.3 billion (US$ 618 million). The reported total transaction value (TTV) of travel services sold increased by 203% to AED 7.0 billion (US$ 1.9 billion), a substantial growth from last year. This reflects last year’s abnormal situation where the business was recovering from COVID-19-related booking cancellations.

In 2022-23, dnata Representation Services boosted its existing customer service support for Lufthansa in Europe and grew its relationship with American Airlines by providing a range of sales and marketing services to the carrier as its general sales agent in India. dnata became the preferred travel partner in the Middle East for American Express Global Business Travel, the world’s leading B2B travel platform; and enhanced its long-standing partnership with Club Med to bring tailor-made, all-inclusive holidays at exclusive rates closer to the GCC travellers.

In the UAE, dnata expanded its retail footprint with the opening of a new travel store in Dubai Hills. Reflecting the increased visitor numbers and demand for Dubai experiences, Arabian Adventures expanded and enhanced its popular ‘Overnight Safari’ experience in the Dubai Desert Conservation Reserve and re-launched an enhanced edition of its signature Jeep Adventure Safari.

dnata's leisure wholesale specialist, Yalago, expanded its global in-markets teams, and recorded a 92% year on year increase in hotel bookings in 2022.

The full 2022-23 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available at: www.theemiratesgroup.com/annualreport

-ENDS-

DUBAI, U.A.E., 7 November 2019: The Emirates Group today announced its half-year results for its 2019-20 financial year.

Group revenue was AED 53.3 billion (US$ 14.5 billion) for the first six months of 2019-20, down 2% from AED 54.4 billion (US$ 14.8 billion) during the same period last year. This slight revenue decline was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport (DXB), and unfavourable currency movements in Europe, Australia, South Africa, India, and Pakistan.

Profitability was up 8% compared to the same period last year, with the Group reporting a 2019-20 half-year net profit of AED 1.2 billion (US$ 320 million). The profit improvement was primarily due to the decline in fuel prices of 9% compared to the same period last year, however the gain from lower fuel costs were partially offset by negative currency movements.

The Group’s cash position on 30th September 2019 stood at AED 23.0 billion (US$ 6.3 billion), compared to AED 22.2 billion (US$ 6.0 billion) as at 31^st March 2019.

The Emirates Group’s employee base remained unchanged compared to 31 March 2019, at an overall average staff count of 105,315. This is in line with the company’s planned capacity and business activities, and also reflects the various internal programmes to improve efficiency through the implementation of new technology and workflows.

Emirates airline

During the first six months of 2019-20, Emirates received 3 Airbus A380s, with 3 more new aircraft scheduled to be delivered before the end of the 2019-20 financial year. It also retired 6 older aircraft from its fleet with a further 2 to be returned by 31 March 2020. The airline’s long-standing strategy to invest in the most advanced wide-body aircraft enables it to improve overall efficiency, minimise its emissions footprint, and provide high quality customer experiences.

Emirates continues to offer ever better connections for its customers across the globe with just one stop in Dubai. In the first six months of its financial year, Emirates added two new passenger routes: Dubai-Bangkok-Phnom Penh, and Dubai-Porto (Portugal). As of 30 September, Emirates’ global network spanned 158 destinations in 84 countries. Its fleet stood at 267 aircraft including freighters.

Emirates also further developed its partnership with flydubai. Both airlines continued to leverage their complementary networks to optimise flight schedules and offer new city-pair connections through Dubai, as well as open new routes including Naples (Italy) and Tashkent (Uzbekistan) in the first half of 2019-20. Customers also enjoy even more benefits with a single loyalty programme under Emirates Skywards, and passengers connecting between Emirates and flydubai can experience seamless transits with 22 flydubai flights now operating from Emirates Terminal 3 at DXB.

Overall capacity during the first six months of the year declined by 7% to 29.7 billion Available Tonne Kilometres (ATKM) mainly due to the DXB runway closure and reduction in fleet during this 45-day period. Capacity measured in Available Seat Kilometres (ASKM), shrunk by 5%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was down by 2% with average Passenger Seat Factor rising to 81.1%, compared with last year’s 78.8%.

Emirates carried 29.6 million passengers between 1 April and 30 September 2019, down 2% from the same period last year, however, passenger yield increased by 1% period-on-period. The volume of cargo uplifted at 1.2 million tonnes has decreased by 8% while yield declined by 3%. This reflects the tough business environment for air freight in the context of global trade tensions and unrest in some key cargo markets.

In the first half of the 2019-20 financial year, Emirates net profit was AED 862 million (US$ 235 million), up 282%, compared to last year. Emirates revenue, including other operating income, of AED 47.3 billion (US$ 12.9 billion) was down 3% compared with the AED 48.9 billion (US$ 13.3 billion) recorded during the same period last year. This result was driven by increased agility in capacity deployment, with healthy customer demand for Emirates’ products driving improved seat load factors and better margins.

Emirates operating costs shrunk by 8% against the overall capacity decrease of 7%. On average, fuel costs were 13% lower compared to the same period last year, this was largely due to a decrease in oil prices (down 9% compared to same period last year), as well as a lower fuel uplift due to reduced capacity during 45-day runway closure at DXB. Fuel remained the largest component of the airline’s cost, accounting for 32% of operating costs compared with 33% in the first six months of last year.

dnata

dnata continued to strengthen its global capabilities in ground handling, catering and travel services, with operations spanning over 35 countries. In the first half of 2019-20, dnata’s international operations accounted for over 72% of its revenue, compared to 68% during the same period last year.

dnata’s revenue, including other operating income, was AED 7.4 billion (US$ 2.0 billion), a 5% increase compared to AED 7.0 billion (US$ 1.9 billion) last year. This performance was underpinned by robust business growth and further global expansion, particularly in its catering business.

Overall profit for dnata was down by 64% to AED 311 million (US$ 85 million), compared to last year’s result which included an AED 321 million one-off gain from the divestment of dnata’s 22% stake in the travel management company Hogg Robinson Group (HRG). dnata’s half year profit for 2019-20 was further impacted by the bankruptcy of Thomas Cook, one of its major customers for dnata’s travel and catering businesses in the UK, resulting in an impairment loss on trade receivables and intangible assets amounting to AED 84 million.

dnata’s airport operations remains the largest contributor to revenue with AED 3.6 billion (US$ 983 million), a slight increase as compared to the same period last year. Across its operations, the number of aircraft handled by dnata remained steady with 351,194, and it handled 1.5 million tonnes of cargo, down 6%.

Organic growth across dnata’s international ground handling business with key contract wins across US locations, and improved performance in markets such as Italy, Singapore, Switzerland and Iraq, helped drive dnata’s revenue and compensate for the negative currency impact of approximately AED 86 million. In the UAE, dnata acquired full ownership of freight forwarding company, Dubai Express, which bolstered its revenues in the first half year of 2019-20, and helped soften the impact of losses due to the 45-day runway closure at DXB.

dnata's travel division contributed AED 1.8 billion (US$ 488 million) to revenue, up 7% from the same period last year. The division’s underlying total transactional value sales remained at AED 5.9 billion (US$ 1.6 billion).

The strong revenue contributions from its new acquisitions including Tropo in Germany, and Dunya Travel, helped offset weaker travel demand in other key travel markets, as well as the negative impact of the strong US dollar against the Euro and Pound Sterling.

dnata’s flight catering operation, contributed AED 1.8 billion (US$ 479 million) to its total revenue, up 54%. The number of meals uplifted increased by 67% to 51.9 million meals for the first half of the financial year.

This significant uptick is largely attributed to the contributions from its recently-acquired catering businesses in Australia (Q Catering Limited and Snap Fresh Pty Limited), and in the US (121 Inflight Catering); as well as the expansion of dnata’s own catering facilities in the US including at Houston, Boston, and Los Angeles.