Emirates Is Still Profitable, but Its Passenger Count Just Fell by a Fifth

Emirates Group reported on November 5 that profit before tax for the six months to September 30 fell 66% to AED 4.1 billion (about US$1.1 billion). Revenue slid 12% to AED 66.2 billion. The airline itself earned AED 3.7 billion before tax, down 68%.

The numbers behind the drop are what travelers feel. Emirates carried 21.8 million passengers, down 22%, and its seat factor fell to 72.0% from 79.5%. Fuel costs before hedging rose 60%, though hedging gains cut the net increase to 13%. AFP’s report ties the pressure to the regional war and disrupted flying around the Gulf.

The airline says its network had recovered to 91% of pre-disruption levels at the end of September, covering 150 airports in 78 countries. Emirates also says it has launched travel cover that is not restricted by government travel advisories, alongside free date changes and refund policies.

The company is still investing: it has received nine new A350s, installed Starlink Wi-Fi on 57 aircraft, and broke ground on a US$5.1 billion maintenance facility at Al Maktoum International Airport. Profitable, but clearly operating in a very different year.

Sources: Emirates Group, Daily Sabah (AFP)