News DeskThe Emirates Group has announced a record profit of AED18.7 billion ($5.1 billion) for the financial year ended March 31, 2024, marking a 71 percent increase compared to the AED10.9 billion profit reported last year. The group’s revenue also saw a significant increase, reaching AED137.3 billion, a 15 percent rise over the previous year’s results.
The group’s cash balance stood at an all-time high of AED47.1 billion, up 11 percent from last year. These figures were released as part of the group’s 2023-24 annual report.
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Significant Increases for Emirates and dnata
Both Emirates and dnata reported significant profit and revenue increases in 2023-24 as the group expanded its operations globally. The combined group profits for the last two years, totaling AED29.6 billion, have surpassed the pandemic losses of AED25.9 billion incurred during 2020-2022.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, stated, “The Emirates Group has once again raised the bar to deliver a new record performance. 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.”
Record-Breaking Performance by Emirates Airline
Emirates airline reported a new record profit of AED17.2 billion, up 63 percent from AED10.6 billion last year. The airline’s revenue rose by 13 percent to AED121.2 billion as it deployed more capacity and continued to strengthen its global network and partnerships. The airline’s capacity increased by 20 percent to 57.7 billion ATKMs, closing the gap to pre-pandemic levels.
dnata’s Significant Improvement
dnata reported a profit of AED1.4 billion, a significant improvement from its AED331 million profit last year. Its revenue increased by 29 percent to hit a new record of AED19.2 billion.
Major Projects Underway
The group has several major projects underway, including a multibillion-dollar aircraft fleet and cabin renewal program, new catering, cargo, and ground handling capabilities, advanced technologies to support the group’s operations, expanded training and people development programs, and initiatives to progress the group’s sustainability agenda.
In 2023-24, the group collectively invested AED8.8 billion in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
The group’s total workforce grew by 10 percent to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations.
