Emirates Group Post Record Profit of $5.1 Billion in 2023-24

Dubai headquartered Emirates Group, which released its annual report for 2023-24 on Monday, said that the company has posted a record profit of $5.1 billion for the financial year ending on 31 March 2024. This was up 71% compared with $3 billion profit for last year.

Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services.

For the financial year ended 31 March 2024, the Group’s revenue was $37.4 billion, an increase of 15% over last year. The Group’s cash balance was $12.8 billion, the highest ever reported, up 11% from last year. 

The combined Group profits for the last two years stood at $8.06 billion, surpass pandemic losses of $7.05 billion during 2020-2022.

Raising Bar

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said that the Group has once again raised the bar to deliver a new record performance as the it saw high demand for air transport and travel related services around the world through the year.

“We were also 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,” he said.

Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish. 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, he explained.

“The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders,” he averred.

Many major projects were already underway, which includes a multibillion-dollar aircraft fleet and cabin renewal programme, new catering, cargo, and ground handling capabilities, advanced technologies to support the Group’s operations, expanded training and people development programmes, and initiatives to progress the Group’s sustainability agenda.

New Investments

In 2023-24, the Group collectively invested $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% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.

In 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the very first time, and also in Amsterdam and Singapore. The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying.

Sheikh Ahmed said that the Group entered 2024-25 financial year on the strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to its fleet mix and supporting the next phase of its network growth. dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities.

“In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve,” he said.

He added: “Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This $35 billion investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.”