Emirates Group’s first-half profit before tax fell 66% to AED 4.1 billion, according to results released on November 5. Revenue declined 12% to AED 66.2 billion as the Dubai-based group cited regional conflict and expensive fuel.
Group and airline results are different
The Emirates airline business reported AED 3.7 billion in profit before tax, down 68%. The wider group, which also includes dnata, recorded AED 3.6 billion in profit after tax. Those measures should not be treated as interchangeable.
Fewer passengers, stronger cargo revenue
Emirates carried 21.8 million passengers from April 1 to September 30, down 22% year on year. Cargo revenue rose 52%, although tonnage slipped 1%. The company attributed the cargo revenue increase to reduced regional capacity and disruption to sea transport.
These figures describe the completed half-year, rather than current flight cancellations or today’s network availability.
Source: Emirates Group’s November 5 half-year results.
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