The Emirates Group today released its 2023-24 Annual Report, hitting new record profit, revenue, and cash balance levels.
Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services.
For the financial year ended 31st March 2024, the Emirates Group posted a record profit of AED18.7 billion (US$ 5.1 billion), up 71% compared with an AED10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results.
The Group’s cash balance was AED47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.
Combined Group profits for the last 2 years, at AED29.6 billion, surpass pandemic losses of AED25.9 billion during 2020-2022.
H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said, “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. 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.
Great praise also goes to the UAE’s visionary leaders, especially His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. It is because of their leadership and the country’s progressive policies that the Emirates Group is able to grow. Both Emirates and dnata have developed successful business models that leverage Dubai’s unique advantages and create significant value for Dubai and the communities it serves around the world. ”
This enables us to invest in delivering better products and services and greater value to our customers and stakeholders. ” he said. Emirates plans to take delivery of 10 new A350 aircraft from 2024 to 2025, expanding its fleet mix and supporting the next phase of its network’s growth. ” dnata will continue to leverage synergies to expand its overall business and expand its footprint and capabilities. At the same time, we invest resources to minimize our impact on the environment, develop our people, and care for our customers and the communities we serve.
He further added, “Looking to the future, the Dubai government plans to expand the next phase of the expansion of Al Maktoum International Airport, which will eventually become a new hub for Emirates and DNA operations.This 1,280 The investment of AED 1 billion (US$ 35 billion) will significantly expand and improve Dubai’s aviation and logistics infrastructure, supporting Dubai’s growth and the growth of Emirates and DNA.” ATKM 1 billion in 2023-2024. , and will recover close to pre-pandemic levels.
The company recorded a new record profit of 17.2 billion dirhams (US$4.7 billion), surpassing last year’s performance of 10.6 billion dirhams (US$2.9 billion). The profit margin was an unprecedented 14.2%, the highest performance in the airline’s history.
Emirates will carry 51.9 million passengers (up 19%) from 2023 to 2024, with seat capacity increasing by 21%.
The cargo division reported strong revenues of Dh13.6 billion (US$3.7 billion), contributing 11% to the airline’s total revenue.
At the end of 2023/24, Emirates SkyCargo’s total cargo fleet consisted of 11 Boeing 777Fs. The cargo division expects to take delivery of an additional five Boeing 777Fs on order from mid-2024, with Emirates expected to receive an additional AED 2.2 billion (US$596 million) of the AED 17.5 billion (US$4.8 billion). payments, continued to meet scheduled aircraft related payment obligations. $1 billion) was raised during the COVID-19 crisis.
Emirates ended its financial year with a record cash balance of AED 42.9 billion (US$11.7 billion), an increase of 15% compared to March 31, 2023.
dnata increased its profit by 330% to AED 1.4. reports solid performance in all business areas, with sales reaching US$1.5 billion (US$387 million) in 2023-2024.
dnata’s total revenue increased by 29% to a new record of AED 19.2 billion (USD 5.2 billion) due to increased flight and travel activity around the world.