Emirates Group Achieves Record Profit of AED 18.7 Billion, Marking Best-Ever Financial Performance – Business – Travel

The Emirates Group has announced its best-ever financial performance in its 2023-24 Annual Report, showcasing record profits, revenue, and cash balance levels. The Group reported a record profit of AED 18.7 billion (US$ 5.1 billion), marking a 71% increase from the previous year. This exceptional performance was driven by strong customer demand across its businesses, resulting in a revenue increase of 15% to AED 137.3 billion (US$ 37.4 billion).

Emirates, the flagship airline of the Group, reported a new record profit of AED 17.2 billion (US$ 4.7 billion), up 63% from the previous year. The airline’s revenue rose by 13% to AED 121.2 billion (US$ 33.0 billion), with a significant increase in capacity deployment and network expansion. The airline’s total passenger and cargo capacity increased by 20%, nearing pre-pandemic levels.

dnata, the Group’s ground handling and catering division, also reported a substantial profit of AED 1.4 billion (US$ 0.4 billion), a significant improvement from the previous year. The division’s revenue increased by 29% to AED 19.2 billion (US$ 5.2 billion), reflecting increased flight activity and travel demand across its global operations.

The Chairman and Chief Executive of Emirates airline and Group, His Highness Sheikh Ahmed bin Saeed Al Maktoum, credited the record performance to Dubai’s progressive policies and the Group’s continuous investments in new aircraft, facilities, technology, and its people. The profits generated will enable further investments in enhancing products and services for customers.

The Group’s strong financial standing positions it for future growth and success, with investments already underway in new aircraft, facilities, equipment, and sustainability initiatives. The Group’s workforce has also grown to its largest size ever, reflecting the expansion of operations and recruitment activities.

In terms of sustainability, the Group has made significant strides in environmental initiatives, including the adoption of sustainable aviation fuel, investments in renewable aviation fuels research, and certifications for environmental stewardship. dnata has also transitioned to biofuel for its ground support vehicles and received environmental management certifications for its sustainability efforts.

Looking ahead, the Group remains optimistic about the future, with plans for continued growth and investments in new aircraft acquisitions. The Dubai government’s announcement of the next phase of expansion at Al Maktoum International Airport will further support the Group’s growth and enhance Dubai’s aviation infrastructure.

Overall, the Emirates Group’s record financial performance in 2023-24 reflects its resilience, adaptability, and commitment to delivering exceptional products and services to its customers while prioritizing sustainability and growth.