May 21, 2024
Aviation Business UAE

Emirates Group Posts AED18.7 Billion Profit For 2023-2024

A 71% Increase From The Previous Year

Dubai-headquartered Emirates Group has achieved a remarkable milestone in its 2023-2024 fiscal year, with profit reaching an unprecedented AED18.7 billion ($5.1 billion), a staggering 71% increase from the previous financial year.

With revenues soaring to AED137.3 billion ($37.4 billion), an impressive 15% increase propelled by robust customer demand across its diverse portfolio of businesses, the Emirates Group has solidified its position as a global leader in aviation and travel services.

Furthermore, closing the year with a historic cash balance of AED47.1 billion ($12.8 billion) underscores the Group’s robust financial health and strategic foresight in navigating turbulent economic landscapes.

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Emirates Airline’s dedicated Terminal 3 at Dubai International Airport. Credit: Arnold Pinto

The Group has announced a dividend payout of AED4.0 billion ($1.1 billion) to its owner, the Investment Corporation of Dubai.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, underscored the symbiotic relationship between the Emirates Group and Dubai emirate, emphasising the pivotal role of Dubai’s forward-thinking strategies in fostering the Group’s unprecedented success.

New Investments

Due to its remarkable financial standing, the Emirates Group is poised for exponential growth and innovation. It is earmarking investments in myriad initiatives, including aircraft acquisitions, infrastructure development, technological advancements, and talent cultivation.

With a focus on enhancing customer experiences and driving operational excellence, the Group aims to chart a course towards sustained growth and profitability in the years ahead.

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Emirates Airline’s departures board at Terminal 3, Dubai International Airport. Credit: Arnold Pinto

Against the backdrop of global imperatives for sustainability, the Emirates Group aims to redouble its efforts to champion environmental stewardship and community engagement. Its robust sustainability agenda and strategic partnerships to mitigate carbon emissions and foster social responsibility exemplify this.

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An Emirates aircraft on the parking apron at Dubai International Airport. Credit: Arnold Pinto

Emirates, the Group’s flagship carrier, reported a new record profit of AED17.2 billion ($4.7 billion), a remarkable 63% surge from the previous fiscal year. With a 13% revenue increase fuelled by capacity expansions and network enhancements, Emirates is reaffirming its status as a preferred choice for travellers.

Customer Satisfaction

Emirates continues to elevate the travel experience through initiatives to enhance customer comfort and convenience. From the rollout of its acclaimed Premium Economy product to the expansion of its A380 fleet, Emirates is committed to delivering unique hospitality and inflight amenities.

Emirates SkyCargo, the Group’s cargo division, recorded a robust performance marked by an 18% increase in cargo volumes and a solid revenue contribution of AED13.6 billion ($3.7 billion).

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Emirates Airline’s baggage carousel at Terminal 3, Dubai International Airport. Credit: Arnold Pinto

Leveraging its extensive network and cutting-edge technologies, Emirates SkyCargo reaffirms its status as a preferred partner for businesses seeking efficient and reliable cargo solutions.

Dnata, the Group’s ground handling and travel services subsidiary, reported a profit of AED1.4 billion ($0.4 billion), marking a remarkable 330% surge from the previous year.

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Emirates flies to dozens of destinations across the globe. Credit: Arnold Pinto

Bolstered by a 29% revenue increase and strategic investments in infrastructure and technology, dnata is reinforcing its position as a global leader in aviation services, catering to the evolving needs of airlines and travellers alike.

Featured image: Emirates Airline reported a record profit of AED17.2 billion ($4.7 billion) in the 2023-2024 fiscal year. Credit: Emirates Airline

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, aerospace, defence, luxury watchmaking, business, automotive, and fashion verticals. He is passionate about conserving endangered native wildlife globally. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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