Group reports financial performance with record profit of AED 18.7 billion (US$ 5.1 billion), up 71% from last year, record revenue, and record level of cash assets.
• Group revenue increased 15% to a new high of AED 137.3 billion (US$ 37.4 billion), driven by strong customer demand across its businesses.
• Ends year with highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion).
• The Group declares a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner the Investment Corporation of Dubai (ICD).
• Chairman credits record performance to Dubai’s progressive policies, says profits enable further investments in new aircraft, facilities and equipment, technology, products and services, and its people.
Emirates reports new record profit of AED 17.2 billion (US$ 4.7 billion), up 63% from AED 10.6 billion (US$ 2.9 billion) last year.
• Revenue rose 13% to AED 121.2 billion (US$ 33.0 billion), as the airline deployed more capacity, and continued to strengthen its global network and partnerships.
• Airline capacity increased by 20% to 57.7 billion ATKMs, closing gap to pre-pandemic levels.
dnata reports a profit of AED 1.4 billion (US$ 0.4 billion), significantly improved from its AED 331 million (US$ 90 million) profit last year.
• Revenue increased 29% to hit a new record AED 19.2 billion (US$ 5.2 billion), reflecting increased customer flight activity and travel demand across its UAE and worldwide business divisions.
• Expands customer portfolio with new contracts, adds lounge facilities in new global markets, and invests in new equipment and technologies to enhance operations and services.
On 13 May, the Emirates Group released its 2023-24 Annual Report, hitting new record profit, revenue, and cash balance levels.
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 Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED 47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.
Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.
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 AED 8.8 billion (US$ 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, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.
The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focused on the environment, its people, customers, and communities.
Environmental topics were high on the agenda during the year, as the UAE hosted the conference for climate action, COP28, in Dubai.
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.
Recognizing that airlines today have the limited viable solutions to meaningfully reduce carbon emissions, Emirates established a US$ 200 million fund to support R&D projects that focus on reducing the impact of fossil fuels in commercial aviation. It also became a founding entity of Air-CRAFT, a UAE-based research consortium for renewable and advanced aviation fuels; and joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for a variety of sectors, including aviation.
To read full report, click here.
Source: Emirates