The Emirates Group on Monday 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 31 March 2024, the Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED 47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.
Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.
Highlights
- Group reports best-ever financial performance with record profit of AED 18.7 billion (US$ 5.1 billion), up 71% from last year, record revenue, and record level of cash assets.
- Group revenue increased 15% to a new high of AED 137.3 billion (US$ 37.4 billion), driven by strong customer demand across its businesses.
- Ends year with highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion).
- Group declares a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner the Investment Corporation of Dubai (ICD).
- dnata reports a profit of AED 1.4 billion (US$ 0.4 billion), significantly improved from its AED 331 million (US$ 90 million) profit last year.
- Revenue increased 29% to hit a new record AED 19.2 billion (US$ 5.2 billion), reflecting increased customer flight activity and travel demand across its UAE and worldwide business divisions.
- Expands customer portfolio with new contracts, adds lounge facilities in new global markets, and invests in new equipment and technologies to enhance operations and services.
- Emirates reports new record profit of AED 17.2 billion (US$ 4.7 billion), up 63% from AED 10.6 billion (US$ 2.9 billion) last year.
- Revenue rose 13% to AED 121.2 billion (US$ 33.0 billion), as the airline deployed more capacity, and continued to strengthen its global network and partnerships.
- Airline capacity increased by 20% to 57.7 billion ATKMs, closing gap to pre-pandemic levels.
The Chairman of Emirates Group credited the record performance to Dubai’s progressive policies, says profits enable further investments in new aircraft, facilities and equipment, technology, products and services, and its people, as per a release.