UAE flagship carrier Emirates announced record-breaking profits on Thursday in another sign of Gulf air travel’s recovery from the COVID-19 pandemic.
The Emirates Group said it recorded a $2.7 billion profit during the first half of the 2023-24 fiscal year, which started April 1. The figure is the group’s highest-ever six-month financial result and constitutes a 138% increase from the $1.2 billion it posted during the first half of the previous year, Emirates said in a press release.
The Emirates Group includes the eponymous Dubai-based airline as well as the airport services provider dnata. The profits for the airline alone were $2.6 billion during the first half of the year.
Why it matters: Emirates’ profits are the latest sign that Gulf airlines have recovered from the major losses they sustained during the pandemic as a result of flight restrictions. Emirates sustained a $5.5 billion loss in the fiscal year beginning in 2020 and then a $1.1 billion loss in 2021.
