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Emirates Group Reports Full Fiscal Year 2023/24 Net Profit of $5.1 billion on Record Revenue of $37.4 Billion

Emirates Group has reported a record FY 2023/24 net profit of AED 18.7 billion (US $5.1 billion) on a year-over year increase in revenue of 15.0 percent to AED 137.3 billion (US $37.4 billion).

Emirates Reports Fiscal 2023/24 Financial Results - Courtesy Emirates

On Monday (May 13, 2024), Emirates Group reported their fiscal year 2023/24 financial results for the period ending March 31, 2024. The Group reported a net profit of AED 18.7 billion (US $5.1 billion) on a 15.0 percent year-over-year increase in revenue to a record AED 137.3 billion (US $37.4 billion).  Emirates Airline reported a record net profit of AED 17.2 billion (US $4.7 billion), up 63 percent versus the previous fiscal year.  The Group ended the period with their highest-ever cash balance of AED 47.1 billion (US $12.8 billion), and the company also declared an AED 4.0 billion (US $1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).

In Monday’s financial announcement, Emirates Airline and Group’s Chairman and Chief Executive, His Highness Sheikh Ahmed bin Saeed Al Maktoum, 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.

“Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.  It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish.  Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.

“The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders.

“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. dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities. In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve.

“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months. As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations, and volatile environments caused by socio-political changes. Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.

“Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This AED 128 billion (US$ 35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.”

Emirates Group's Fiscal Year 2023/24 Financial Highlights - Courtesy Emirates Group

For FY 2023/24 dnata reported a net profit of AED 1.4 billion (US $ 400 million), up from AED 331 million (US $90 million) last year.  The combined Group’s profits of AED 29.6 billion over the last two years surpasses pandemic losses during 2020-2022 of AED 25.9 billion.  

Emirates currently has many major projects underway, including a multi-billion dollar aircraft fleet and cabin renewal program, new catering, cargo and ground handling capabilities, advanced technologies to support operations, expanded training and people development programs, and initiatives to support the Group’s sustainability goals.  During the financial year 2023/24, the company invested AED 8.8 billion (US $2.4 billion) in new aircraft, facilities, equipment, companies and technology.  Emirates Group’s total workforce grew 10 percent in FY2023/24 compared to the previous fiscal year to 112,406 team members.

During FY 2024/25, Emirates resumed flights Tokyo-Haneda, increased capacity to 29 destinations, and launched new daily flights to Montréal.  The carrier also signed codeshare and interline agreements with 11 new airline partners.  At March 31, 2024, Emirates’ network included 151 destinations across six continents, including 10 cities served by dedicated freighters only. 

At the end of March 2024, Emirates fleet included 260 aircraft with an average age of 10.1 years.  Emirates’ SkyCargo’s fleet included 11 Boeing 777 Freighters, and the division expects to receive five additional Boeing 777Fs from mid-2024.  The company’s new aircraft orderbook currently stands at 310 aircraft, following orders valued at $58 billion announced at the 2023 Dubai Airshow, including 110 additional Boeing 777s, and 787 Dreamliners, as well as Airbus A350s. 


Source: Emirates


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