The Emirates Group achieved record annual profits amounting to 18.7 billion dirhams (5.1 billion US dollars), a growth of 71% compared to the previous year’s profits amounting to 10.9 billion dirhams (3 billion dollars).
The report for the fiscal year ending on March 31, 2024 showed that the group’s revenues amounted to 137.3 billion dirhams ($37.4 billion), a growth of 15% over the previous year’s results.
The group’s cash balances amounted to 47.1 billion dirhams ($12.8 billion), the highest level ever recorded, with a growth of 11% over the previous year.
The group’s total profits during the past two years amounted to 29.6 billion dirhams, exceeding the losses during the pandemic period of 25.9 billion dirhams during the period 2020-2022.
Both Emirates Airlines and dnata recorded a significant increase in profits and revenues, as the group’s operations expanded around the world to meet strong customer demand. For its high quality products and services.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said: “The Emirates Group has once again established new standards in the industry by recording record performance in its annual results, an achievement achieved as a result of the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE.” The Prime Minister and Ruler of Dubai, “may God protect him,” and the Dubai government’s policies and advanced systems, which were credited with achieving this achievement.”
His Highness added: “Over the course of the year, we witnessed a growth in demand for air transport and travel-related services around the world, and we were able to achieve tremendous results as a result of the flexibility and speed with which we deal with changes, and now we are reaping the fruits of years of continuous investments in our products and services, and in building partnerships.” Strong, and enhance the capabilities of our cadres and employees.”
His Highness said: “Emirates Airlines and dnata have been able to formulate successful business models that incorporate the unique advantages that Dubai enjoys, thus generating tremendous value for the emirate and the communities we serve around the world, while the excellent financial position of the group today reinforces our confidence in the future to achieve more.” This enables us to grow and succeed, and it also allows us to invest in providing better products and services and providing greater value to customers and partners.”
His Highness Sheikh Ahmed bin Saeed added: “We enter the fiscal year 2024/2025 on strong foundations to achieve continued growth, as Emirates will receive 10 new A350 aircraft.”
His Highness continued: “Looking to the future, the Dubai government has announced plans to begin the next phase of expansion at Al Maktoum International Airport, which will form the new center for the operations of Emirates Airlines and dnata. This investment worth 128 billion dirhams ($35 billion) will strengthen the infrastructure.” Infrastructure for the aviation and logistics sector in Dubai, which supports the emirate’s development plans and drives the growth of Emirates Airlines and dnata.”
Emirates Airlines’ total passenger and cargo capacity increased by 20% by the end of the 2023/2024 fiscal year to 57.7 billion tons, continuing to recover to levels close to pre-pandemic levels.
Emirates Airlines recorded record profits amounting to 17.2 billion dirhams (4.7 billion US dollars), exceeding last year’s profits of 10.6 billion dirhams (2.9 billion US dollars), and an exceptional profit margin of 14.2%, which is considered the best performance in the history of the carrier.
Emirates Airlines transported 51.9 million passengers, a growth rate of 19% in the fiscal year 2023/2024, with seat capacity increasing by 21%.
Emirates Sky Cargo transported 2.2 million tons of goods around the world in the 2023/2024 fiscal year, an 18% growth over the previous year.
Emirates Airlines’ cargo arm recorded strong revenues of 13.6 billion dirhams (3.7 billion US dollars), contributing 11% of the carrier’s total revenues.
By the end of the fiscal year 2023/2024, the total fleet of Emirates SkyCargo aircraft reached 11 Boeing F777 aircraft.
Emirates’ cargo arm expects to begin taking delivery of an additional 5 Boeing F777 aircraft from mid-2024.
Emirates continued to fulfill all its contractual obligations for aircraft-related payments and paid an additional amount of 2.2 billion dirhams (596 million US dollars) out of a total of 17.5 billion dirhams (4.8 million dirhams). Billion US dollars) raised during the pandemic.
Emirates Airlines ended the fiscal year with the highest level of cash balances ever at a value of 42.9 billion dirhams, a growth of 15% compared to the fiscal year ending March 31, 2023.
In addition, dnata’s profits in the fiscal year 2023/2024 increased by 330% to 1.4 billion dirhams.
Dnata’s total revenues increased by 29%, reaching a new record high of AED 19.2 billion.
