Emirates Group has announced the best financial performance in its history for the fiscal year 2023-2024, marking a significant milestone in its journey. The group recorded a record profit of AED 18.7 billion (USD 5.1 billion), a 71% increase compared to the previous year, alongside record revenues and the highest ever cash balance. This remarkable performance underscores the group’s resilience and strategic investments in its operations and sustainability initiatives.
Record Financial Performance and Revenue Growth
Emirates Group’s fiscal year, which ended on March 31, 2024, saw the group achieve a record profit of AED 18.7 billion (USD 5.1 billion), up 71% from AED 10.9 billion (USD 3 billion) the previous year. The group’s revenues also reached a new high of AED 137.3 billion (USD 37.4 billion), marking a 15% rise. This strong financial performance is attributed to the high demand for air transport and travel services, as well as the group’s ability to expand its operations and offer high-quality products and services.
Emirates airline specifically reported a profit of AED 17.2 billion (USD 4.7 billion), an increase of 63% over the previous year, with revenue soaring by 13% to AED 121.2 billion (USD 33.0 billion). The airline’s capacity increased by 20%, transporting 51.9 million passengers, a 19% rise from the previous year.
The group’s ground handling and travel services arm, dnata, also experienced significant improvements, with a profit of AED 1.4 billion (USD 0.4 billion), a substantial increase from the AED 331 million (USD 90 million) profit of the previous year.
Investments and Sustainability Initiatives
Emirates Group has substantially invested in new aircraft, facilities, equipment, and technologies to support its growth plans. In 2023-2024, the group invested AED 8.8 billion (USD 2.4 billion) in these areas. Additionally, the group has made significant strides in its sustainability journey, including implementing sustainable aviation fuel (SAF) and conducting the first A380 demonstration flight using 100% SAF on one engine.
The group’s workforce increased by 10% to reach 112,406 employees, its largest size to date, supported by ongoing global recruitment to bolster its expanding operations. The group also emphasized its commitment to environmental initiatives, particularly during the COP28 conference in Dubai.
The upcoming expansion of Al Maktoum International Airport, with an investment of AED 128 billion (USD 35 billion), will further enhance Dubai’s aviation and logistics infrastructure, supporting the group’s future growth.
Future Outlook and Strategic Plans
Looking ahead, Emirates Group remains optimistic about its future performance. The group anticipates that customer demand for air transport and travel will remain strong and is prepared to monitor and respond to external factors such as oil prices, currency fluctuations, and socio-political changes. The group’s business model has been tested and proven resilient, enabling it to swiftly adapt to opportunities and challenges.
The group will continue to invest in new products and services, advanced technologies, and people development programs. The delivery of 10 new A350 aircraft in 2024-2025 will support the airline’s network growth, while dnata will exploit synergies and scale across its business divisions to expand its footprint and capabilities.
The group’s strong cash position and profitability will allow further investments in sustainability initiatives, ensuring a balanced approach to growth and environmental responsibility.
In summary, Emirates Group’s record financial performance for the fiscal year 2023-2024 is a testament to its strategic investments, operational efficiency, and commitment to sustainability. As the group looks forward, it is well-positioned for continued growth and success, driven by strong customer demand and a robust business model.
