Emirates Group Reports Best-Ever Financial Performance for 2023-24
The Emirates Group has announced its best-ever financial performance for the fiscal year 2023-24, reporting a record profit of AED 18.7 billion (US$ 5.1 billion), a 71% increase from the previous year. The Group's revenue rose by 15% to AED 137.3 billion (US$ 37.4 billion), driven by strong customer demand across its various businesses. The year concluded with the Group holding its highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion) and declaring a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).
Emirates airline reported a record profit of AED 17.2 billion (US$ 4.7 billion), up 63% from the previous year, with revenue increasing by 13% to AED 121.2 billion (US$ 33.0 billion). The airline saw a 20% increase in capacity, bringing it closer to pre-pandemic levels, and expanded its global network and partnerships. The airline also invested significantly in new aircraft, facilities, technology, and products to enhance its services.
dnata, the Group's airport services provider, reported a profit of AED 1.4 billion (US$ 0.4 billion), a substantial increase from the previous year's AED 331 million (US$ 90 million). Revenue for dnata rose by 29% to a record AED 19.2 billion (US$ 5.2 billion), reflecting increased flight and travel activity. The company expanded its customer portfolio, added new lounge facilities globally, and invested in new equipment and technologies to improve its operations.
The Emirates Group continued its focus on sustainability and environmental initiatives throughout 2023-24. Emirates signed new agreements to use sustainable aviation fuel and operated a demonstration flight using 100% SAF in one engine. dnata increased its fleet of electric and hybrid ground support equipment and implemented various eco-friendly initiatives. The Group also invested in people development and expanded its ESG reporting, positioning itself strongly for future growth and sustainability efforts.
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