Emirates Group reports record profit of $5.1bn for FY 2023-24

KARACHI: The Emirates Group has announced its best-ever financial performance for the fiscal year 2023-24, reporting a record profit of $5.1 billion or AED 18.7 billion, a 71 percent increase from the previous year.

According to the details released by the group, the revenue rose by 15 percent to AED 137.3 billion ($37.4 billion), driven by strong customer demand across its various businesses.

The year concluded with the Group holding its highest-ever cash balance of AED 47.1 billion ($12.8 billion) and declaring a dividend of AED 4.0 billion ($1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).

Emirates airline reported a record profit of AED 17.2 billion ($4.7 billion), up 63 percent from the previous year, with revenue increasing by 13 percent to AED 121.2 billion ($33 billion).

The airline saw a 20 percent increase in capacity, bringing it closer to pre-pandemic levels, and expanded its global network and partnerships. The airline also invested significantly in new aircraft, facilities, technology, and products to enhance its services.

Dnata, the Group's airport services provider, reported a profit of AED 1.4 billion ($0.4 billion), a substantial increase from the previous year AED 331 million ($90 million).

Revenue for dnata rose by 29 percent to a record AED 19.2 billion ($5.2 billion), reflecting increased flight and travel activity. The company expanded its customer portfolio, added new lounge facilities globally, and invested in new equipment and technologies to improve its operations.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: œThe 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.

Huge credit is also due to the UAE visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation progressive policies that the Emirates Group is able to flourish. Both Emirates and dnata have forged successful business models leveraging Dubai unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world. 

The Emirates Group continued its focus on sustainability and environmental initiatives throughout 2023-24. Emirates signed new agreements to use sustainable aviation fuel and operated a demonstration flight using 100% SAF in one engine. dnata increased its fleet of electric and hybrid ground support equipment and implemented various eco-friendly initiatives. The Group also invested in people development and expanded its ESG reporting, positioning itself strongly for future growth and sustainability efforts.

Copyright Business Recorder, 2024