The Emirates Group has achieved its strongest-ever financial performance, reporting a record-breaking AED 22.7 billion ($6.2 billion) profit before tax for the financial year ending March 31, 2025.
This marks an 18 percent increase from the previous year, cementing the Group’s position as the most profitable aviation conglomerate globally.
The Group’s 2024–25 Annual Report highlights a historic year across all key financial metrics:
- Revenue surged 6 percent to AED 145.4 billion ($39.6 billion)
- EBITDA reached a record AED 42.2 billion ($11.5 billion), up 6 percent
- Cash assets grew 13 percent to AED 53.4 billion ($14.6 billion)
After applying the UAE’s new corporate tax introduced in 2023, the Group posted a net profit of AED 20.5 billion ($5.6 billion).
In recognition of this exceptional performance, a dividend of AED 6 billion ($1.6 billion) will be paid to its owner, the Investment Corporation of Dubai (ICD).
Emirates Airline sets industry benchmark
Emirates Airline led the Group’s stellar results, posting the highest profit in its history. It reported:
- Pre-tax profit of AED 21.2 billion ($5.8 billion), up 20 percent year-on-year
- Revenue of AED 127.9 billion ($34.9 billion), a 6 percent rise
- Cash assets totaling AED 49.7 billion ($13.5 billion), up 16 percent compared to March 31, 2024
The airline carried 53.7 million passengers in 2024–2025, a 3 percent increase over the previous year, and added new destinations including Bogotá and Madagascar. It also reinstated flights to key cities such as Phnom Penh, Lagos, Adelaide, and Edinburgh, bringing its global network to 148 destinations across 80 countries and territories.
Passenger capacity rose 4 percent to 60 billion ATKMs, with a seat factor of 78.9 percent.
Emirates also reported a strong operating cash flow of AED 40.8 billion ($11.1 billion), reinforcing its commercial strength.
Cargo operations remained robust, with Emirates SkyCargo carrying 2.3 million tonnes of freight, up 7 percent. The cargo division generated AED 16.1 billion ($4.4 billion), contributing 13 percent of the total revenue for the Group.
Despite currency headwinds amounting to AED 718 million ($196 million), the airline effectively managed fuel costs. The fuel bill decreased slightly to AED 32.6 billion ($8.9 billion), aided by a 10 percent drop in average fuel prices and efficient hedging.
Dnata delivers across global operations
Dnata also posted record performance, contributing:
- Pre-tax profit of AED 1.6 billion ($430 million), up 2 percent
- Revenue of AED 21.1 billion ($5.8 billion), a 10 percent increase
- Cash assets of AED 3.7 billion ($1 billion)
All of dnata’s business segments reported strong results, particularly airport operations and catering and retail services.
Airport services revenue rose to AED 9.9 billion ($2.7 billion), while dnata’s international operations maintained a 75 percent share of total revenue, led by growth in Australia, Europe, the UAE, UK, and US.
Operating costs grew in line with the business, increasing 10 percent to AED 19.7 billion ($5.4 billion).
Strategic investments and workforce expansion
The Emirates Group invested AED 14.0 billion ($3.8 billion) in new aircraft, infrastructure, and technology to support its long-term growth. Its total workforce grew 9 percent to a record 121,223 employees, reflecting the scale of its global expansion.
Leadership excellence
His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, attributed the exceptional results to decades of strategic execution and sustained investment.
“It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata. Dubai’s aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners, and all the people of Dubai,” Sheikh Ahmed said.
“When the government set up Emirates 40 years ago and we began expanding dnata’s capabilities to support the city’s growth, we had a clear mission – be the best at what we do; and deliver value to Dubai, our stakeholders, and the communities we serve.
“With that in mind, we’ve kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and our customers, and we work hard to positively impact our communities. We don’t cut corners, and we don’t take shortcuts that put our future at risk for short term gains. By building our business models around these principles and Dubai’s unique strengths, the Emirates Group has thrived and stayed resilient through geo-political and socio-economic challenges over the years.
“For 2024-25, the Emirates Group has raised the bar to set new records for profit, revenue, and cash assets. Through the year, Emirates and dnata were able to move quickly to meet the strong demand for air transport services across markets and win over customers – thanks to our non-stop investments in our people, in building partnerships, and in delivering great products and services,” Sheikh Ahmed added.
In a latest development, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, congratulated the 121,000 members of the Emirates Group team, led by chairman and CEO H.H. Sheikh Ahmed and Emirates president Sir Tim Clark.
“The Emirates Group soars as always, becoming the world’s most profitable airline group with annual profits exceeding AED 22 billion and revenues of AED 145 billion,” H.H. Sheikh Mohammed said on X.
“Emirates is not just a transport company; it is a tool for economic transformation for the UAE, a strategic bridge connecting the world’s continents, and a developmental carrier flying us through the skies toward the future.”
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