DALLAS — The Emirates Group, which includes Emirates Airline and dnata, concluded a phenomenal year in 2023-24, shattering all previous records for profit, revenue, and cash balance. This remarkable achievement is a testament to the resurgence of global travel demand and the Group's effective investments in products, services, and its workforce.
The Emirates Group as a whole achieved a record-breaking profit of AED 18.7 billion (US$ 5.1 billion), a significant 71% increase compared to the prior year. Revenue soared to a new high of AED 137.3 billion (US$ 37.4 billion), reflecting a healthy 15% year-on-year growth.
The Group's financial strength is further solidified by its highest-ever cash balance, reaching AED 47.1 billion (US$ 12.8 billion), representing an 11% increase from the previous year.
“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,” said His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.
Emirates Airlines, dnata
Emirates (EK), the world's largest international airline by passenger kilometers, mirrored the Group's success. The airline reported a substantial profit of AED 17.2 billion (US$ 4.7 billion), a remarkable 63% jump compared to the previous year.
Revenue for EK increased by 13% to AED 121.2 billion (US$ 33.0 billion). This growth can be attributed to Emirates' strategic decision to deploy more capacity, with a 20% increase to 57.7 billion ATKMs, nearing pre-pandemic levels.
dnata, the aviation services provider within the Emirates Group also delivered strong results. Revenue grew significantly by 29% to a record AED 19.2 billion (US$ 5.2 billion). Notably, dnata became the first combined air services provider to achieve the International Air Transport Association's (IATA) IEnvA certification, demonstrating its commitment to sustainability efforts.
Building on a Strong Foundation
The Emirates Group's success extends beyond the last fiscal year. Combined profits over the last two years, totaling AED 29.6 billion, have not only surpassed pre-pandemic levels but also eclipsed the AED 25.9 billion in losses incurred during the 2020-2022 period. This impressive turnaround reflects the Group's strong adaptability and its commitment to strategic investments.
To fuel future growth, the Emirates Group collectively invested AED 8.8 billion (US$ 2.4 billion) in 2023-24. These investments included new aircraft, facilities, equipment, promising companies, and the latest technologies to support the Group's expansion plans.
The Group also significantly expanded its workforce by 10%, reaching a record high of 112,406 employees. This recruitment drive across EK and dnata bolsters the Group's capabilities and supports its expanding operations worldwide.
Investing in the Future
Looking ahead, the Emirates Group is heavily reinvesting its earnings to ensure future growth. Key areas of investment include a multi-billion dollar aircraft fleet renewal program with new aircraft and cabin upgrades.
The Group is also investing in enhanced catering, cargo, and ground handling capabilities, alongside advanced technologies to optimize operations. Sustainability initiatives remain a priority, with investments in sustainable aviation fuel (SAF) and research focused on reducing carbon emissions.
With a positive business outlook and anticipated strong customer demand, the Emirates Group is well-positioned for continued success. The upcoming delivery of new A350 aircraft will further strengthen EK's network expansion plans. dnata will focus on scaling its business divisions and expanding its global footprint.
“We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth,” said HH Sheikh Ahmed.
The Group remains committed to environmental responsibility and fostering a diverse and talented workforce. The significant expansion of Dubai's Al Maktoum International Airport, a project valued at AED 128 billion (US$ 35 billion), will further solidify Dubai's position as a global leader in aviation and logistics, benefiting both EK and dnata.
Featured Image: Ryan Scottini/Airways
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