Dubai’s Emirates Group has unveiled its strongest financial performance ever for the fiscal year 2023–24, boasting remarkable profits, revenue, and cash asset levels.
A record-breaking profit surge
The company disclosed an impressive total profit of AED 18.7 billion, marking an exceptional 71 percent surge compared to the previous year.
This substantial achievement was announced by Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chief Executive Officer of Emirates Airline & Group via a post on X (formerly known as Twitter).
Sheikh Ahmed attributed this remarkable success to the visionary leadership of the UAE's leaders, particularly HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, whose progressive policies have facilitated Emirates Group’s flourishing. The company's significant investment of $2.4 billion in new aircraft, facilities, equipment, companies, and technologies played a pivotal role in supporting its growth plans.
Strategic Investments for Growth
In addition, as part of its ongoing worldwide recruiting push to grow operations and develop future capabilities, Emirates Group saw a 10% rise in its overall workforce, reaching over 112,000 people, a record high. In addition to executing the first A380 test flight with one engine running fully on sustainable fuel, the firm signed additional agreements to use sustainable aviation fuel at its Dubai hub, Amsterdam, and Singapore, highlighting the importance of sustainability initiatives over the year.
Emirates Group also allocated a $200 million fund for research on reducing fossil fuel impact in commercial aviation and actively participated in initiatives focused on producing low-carbon fuels, including for aviation. The company's catering and retail income experienced a significant surge, with catering revenue reaching $264 million and retail revenue rising to $796 million due to tourism growth.
Emirates witnessed an impressive 20% increase in passenger and cargo capacity, with a total of 57.7 billion ATKMs, almost matching levels before the epidemic. The company's network now includes 151 destinations across six continents operated by passenger and cargo aircraft, thanks to the revival of Tokyo Haneda service, the addition of 29 destinations, and the formation of codeshare agreements with 11 airlines.
The company's revenue soared by 13 percent to $33 billion, despite facing challenges such as currency fluctuations. Emirates Airlines carried over 51 million passengers, a 19 percent increase from the previous year, achieving the highest profit yet at AED 17.2 billion.
dnata, Emirates Group's subsidiary providing airport services, catering, and travel, also reported record results, with revenue growing 29 percent to AED 19.2 billion. Overall, dnata profit multiplied over three times to AED 1.4 billion, enabling the company to invest further in its facilities and technology across its global operations.
Looking ahead, Sheikh Ahmed expressed confidence in the continued growth of Emirates and dnata, emphasizing plans for aircraft acquisitions, training programs, and investments in sustainable fuel. The company remains committed to minimizing its environmental impact, developing its workforce, and serving its customers and communities effectively.
