The Emirates Group posted a record profit of AED18.7 billion ($5.1 billion) for the financial year ended March 31, 2024, up 71 percent compared with AED10.9 billion profit for last year.
The group’s revenue was AED137.3 billion, an increase of 15 percent over last year’s results.
Cash balance stood at AED47.1 billion, the highest ever reported, up 11 percent from last year.
The group announced these figures as it released its 2023-24 annual report.
Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world.
Combined group profits for the last two years, at AED29.6 billion, surpass pandemic losses of AED25.9 billion during 2020-2022.
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.
Emirates hits new record
Emirates airline reported new record profit of AED17.2 billion, up 63 percent from AED10.6 billion last year. Revenue rose 13 percent to AED 121.2 billion as the airline deployed more capacity, and continued to strengthen its global network and partnerships. Airline capacity increased by 20 percent to 57.7 billion ATKMs, closing gap to pre-pandemic levels.
dnata surges
dnata reports a profit of AED1.4 billion, significantly improved from its AED331 million profit last year. Revenue increased 29 percent to hit a new record AED19.2 billion.
Major projects underway
Many major projects are already underway, including 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.
In 2023-24, the group collectively invested AED8.8 billion in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
The group’s total workforce grew by 10 percent to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations.
For more news on logistics, click here.
