The Emirates Group is celebrating an exceptional fiscal year, announcing its best-ever financial performance for 2023-24. The group reported a record profit of AED 18.7 billion (USD 5.1 billion), marking a remarkable 71 per cent increase from the previous year. This outstanding achievement was fueled by record revenue and a substantial cash asset balance, further solidifying Emirates Group’s position as a leading global aviation and travel conglomerate.
The group’s revenue surged to an all-time high of AED 137.3 billion (USD 37.4 billion), representing a robust 15 per cent growth driven by strong customer demand across its diverse businesses. Ending the year with an impressive cash balance of AED 47.1 billion (USD 12.8 billion), Emirates Group declared a dividend of AED 4.0 billion (USD 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).
Chairman and Chief Executive of Emirates airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, credited the record performance to Dubai’s progressive policies and strategic investments. He highlighted that these profits would fuel further investments in new aircraft, facilities, technology, products, services, and talent within the Emirates Group.
Emirates airline alone reported a new record profit of AED 17.2 billion (USD 4.7 billion), a significant 63 per cent increase from the previous year. The airline’s revenue reached AED 121.2 billion (USD 33.0 billion), reflecting a 13 per cent growth attributed to increased capacity, global network strengthening, and strategic partnerships.
In response to the surge in customer demand, Emirates expanded its passenger and cargo capacity by 20 per cent, reaching 57.7 billion ATKMs and nearing pre-pandemic levels. The airline added new destinations, codeshare agreements, and premium offerings, including its popular Premium Economy product to more cities worldwide.
The airline plans to introduce its latest aircraft type to nine destinations in the coming months, including several cities in India, bringing its renowned Premium Economy seats to the Middle East/GCC regional routes for the first time. Emirates Premium Economy seats will be available on 42 destinations by February 2025.
Despite challenges like currency fluctuations, Emirates maintained a robust financial position, reporting an operating cash flow of AED 37.6 billion (USD 10.3 billion). The airline strategically managed costs, including fuel expenses, and invested in enhancing customer experiences, such as revamped lounges, meal pre-ordering, and inflight amenities.Emirates SkyCargo, the airline’s cargo division, played a pivotal role in global logistics, carrying 2.2 million tonnes of goods worldwide and expanding its portfolio with tailored solutions for various sectors like life sciences and e-commerce.
The Emirates Group’s comprehensive sustainability initiatives were also highlighted, including investments in sustainable aviation fuel (SAF), environmental certifications, and R&D projects focused on reducing carbon emissions.
Looking ahead, the Emirates Group is well-positioned for continued growth, with ongoing investments, fleet expansion plans, and a commitment to delivering superior products, services, and value to its customers and stakeholders.
