Emirates Group announces best ever performance with profits up 71%

The group reported a record profit of Dhs18.7bn($5.1bn), a substantial 71 per cent increase from the previous fiscal year, it announced in its official statement.

Its reported revenue, reached Dhs137.3bn($37.4bn), up by an impressive 15 per cent. This surge in revenue is a testament to the strong demand witnessed across the group’s diversified portfolio of businesses, reflecting the confidence of customers in its offerings, the statement added.

Notably, the Emirates Group culminated the fiscal year with its highest-ever cash balance of Dhs47.1bn($12.8bn), reinforcing its financial stability and liquidity position. This substantial cash reserve provides the group with a solid foundation for future growth initiatives and strategic investments.

The Emirates Group has reported its best-ever financial results for 2023-24, hitting record profit, record revenue, and record levels of cash assets. In total, Group profits reached AED 18.7 billion, a 71% increase on last year.

Such an outstanding achievement wouldn’t have… pic.twitter.com/XJFvHLT21d

— HH Sheikh Ahmed bin Saeed Al Maktoum (@HHAhmedBinSaeed) May 13, 2024

Emirates airline

Emirates airline, the UAE’s flagship carrier, reported a new record profit of Dhs17.2bn(US$ 4.7bn), a remarkable 63 per cent increase from the previous year.

The Emirates is the world’s largest long-haul airline. The airline’s revenue surged by 13 per cent to Dhs121.2bn($33bn), fueled by increased capacity deployment and strategic network expansion efforts, the report added.

The airline carried 51.9 million passengers in the year to March 31, with seat capacity up 21.4 per cent.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates airline and Group, attributed the record-breaking performance to Dubai’s progressive policies and the visionary leadership of UAE’s leaders.

“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.

He emphasised that these profits enable the group to further invest in enhancing its fleet, infrastructure, technology, and human capital, ensuring sustained growth and innovation.

Return on investment

The state-owned airline will pay its staff a bonus equivalent to 20 weeks’ salary, according to an internal staff email seen by Reuters.

As part of its annual results, the group declared a dividend of Dhs4bn($1.1bn) to its owner, the Investment Corporation of Dubai (ICD).

On the other hand, dnata, the group’s ground handling and catering subsidiary, witnessed a significant improvement in profitability, reporting a profit of  Dhs1.4bn($0.4bn), a substantial leap from the previous fiscal year. dnata’s revenue surged by 29 per cent to hit a new record of Dhs19.2bn($5.2bn), driven by heightened customer flight activity and robust demand across its global operations.

dnata’s expansion of its customer portfolio, addition of lounge facilities in new markets, and investments in cutting-edge technologies further solidify its position as a global leader in aviation services.

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