Emirates Group announces record profit

Emirates Group has reported its best-ever financial performance with record profits of AED 18.7 billion ($ 5.1 billion).

The Group’s revenue increased 15 per cent to a new high of AED 137.3 billion ($37.4 billion), and sees the firm end the financial year with highest-ever cash balance of AED 47.1 billion ($12.8 billion).

Both Emirates Airline and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet growing customer demand.

For the financial year, which ended March 31, 2024, the Emirates Group posted a record profit of AED 18.7 billion ($5.1 billion), up 71 per cent compared to last year's AED 10.9 billion ($3 billion) profit.

The Group’s total revenue was AED 137.3 billion ($37.4 billion), a 15 per cent increase over last year’s results. The Group’s cash balance was AED 47.1 billion ($12.8 billion), the highest ever reported and up 11 per cent from last year.

The airline posted a new record profit of AED 17.2 billion ($4.7 billion), up 63 per cent from AED 10.6 billion ($2.9 billion) last year.

Revenue rose 13 per cent to AED 121.2 billion (US$ 33.0 billion), as the airline deployed more capacity (up 20 per cent), and continued to strengthen its global network and partnerships.

BREAKING NEWS: For the second year in a row, the Emirates Group has reported its best financial results ever, with an annual profit of US$ 5.1 billion for 2023-24. https://t.co/CJR9dvMtrt pic.twitter.com/MKAD2iUkj9

— Emirates (@emirates) May 13, 2024

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The Emirates Group has once again raised the bar to deliver a new record performance.

"Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results. We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.

"Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.” 

In 2023-24, the Group collectively invested AED 8.8 billion ($2.4 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 10 per cent to 112,406 employees, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.

In a post on social media platform X, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai highlighted the significant progress of Emirates Airline from its launch 39 years ago, saying "the company experienced challenges...and adapted to the circumstances...and contributed to the success of Dubai and the Emirates, economic, tourism and development, linking it with hundreds of cities on the five continents of the world, and today its total income reaches in one year, 137 billion dirhams.

"Our thanks to the work team, led by Sheikh Ahmed bin Saeed.. and our appreciation to everyone who was with us through four decades of work and flight that did not stop..and what is coming will be more beautiful, greater and better."

طيران الإمارات .. قصة تحدي أقلعت قبل 39 عاماً فلم يعد عالم الطيران كما كان قبلها … عايشت الشركة تحديات .. وتأقلمت مع ظروف .. وساهمت في مسيرة نجاح دبي والإمارات الاقتصادية والسياحية والتنموية وربطها مع مئات المدن في قارات العالم الخمس ، وليصل اليوم إجمالي دخلها خلال عام واحد 137… pic.twitter.com/1J3eidQh5A

— HH Sheikh Mohammed (@HHShkMohd) May 13, 2024

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