The Emirates Group has reported its best-ever financial performance for the fiscal year 2023-24, achieving a record profit of AED 18.7 billion (US$ 5.1 billion), marking a significant 71% increase from the previous year. This achievement is complemented by record revenue and a record level of cash assets.
Group revenue soared by 15% to an unprecedented AED 137.3 billion (US$ 37.4 billion), driven by robust customer demand across its diverse businesses. The Group ends the year with its highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion). Additionally, the Group has declared a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).
The Chairman attributed this remarkable performance to Dubai’s progressive policies and highlighted that the profits would enable further investments in new aircraft, facilities and equipment, technology, products and services, and its workforce.
Emirates airline, a major entity within the Group, posted a record profit of AED 17.2 billion (US$ 4.7 billion), a 63% increase from AED 10.6 billion (US$ 2.9 billion) the previous year. The airline’s revenue grew by 13% to AED 121.2 billion (US$ 33.0 billion) as it deployed more capacity and strengthened its global network and partnerships. The airline’s capacity surged by 20% to 57.7 billion Available Tonne Kilometres (ATKMs), nearing pre-pandemic levels.
dnata, the Group’s airport services subsidiary, reported a profit of AED 1.4 billion (US$ 0.4 billion), a substantial improvement from AED 331 million (US$ 90 million) last year. dnata’s revenue increased by 29% to a new record of AED 19.2 billion (US$ 5.2 billion), driven by heightened customer flight activity and travel demand across its UAE and global business divisions. The subsidiary expanded its customer portfolio with new contracts, added lounge facilities in new global markets, and invested in new equipment and technologies to enhance operations and services.
This exceptional financial performance underscores the Emirates Group’s resilience and strategic agility in the face of global economic challenges.
