Strong demand drives surge in Dubai's Emirates airline H1 profit | Reuters
Emirates airline, Dubai's flagship carrier, posted a significant jump in net profit for the first half of financial year 2023-24 on the back of strong demand, the company said on Thursday, while Group profit surged to a record high.
Emirates' profit soared 134% year-over-year to 9.4 billion dirhams ($2.56 billion) in the first six months of its financial year. Revenue rose 19% to 59.5 billion dirhams.
While overall direct operating costs rose 9% due to expanded operations, fuel costs, the airline's biggest payment, accounted for 34% of expenses, slightly lower than the year-ago period.
The airline said it filled an average of 81.5% of seats in the first half, compared with 78.5% last year.
Dubai, widely considered the Gulf's tourism and business hub, bounced back strongly after its services-dominated economy came to a near standstill during the COVID-19 pandemic. The rebound in travel and tourism was a key component of that recovery.
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