Emirates Group Achieves Record-Breaking Financial Performance in 2023-24
The Emirates Group has set a new benchmark for financial performance with its 2023-24 fiscal year results, showcasing unprecedented growth across its diverse portfolio of businesses. Reporting a record profit of AED 18.7 billion (US$ 5.1 billion), the Group’s performance marks a remarkable 71% increase from the previous year.
This substantial growth is mirrored in the Group’s record revenue of AED 137.3 billion (US$ 37.4 billion), representing a 15% surge driven by robust customer demand across all sectors of its operations.
Ending the fiscal year with its highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion), the Emirates Group demonstrates not only impressive financial stability but also significant liquidity, reinforcing its ability to weather global economic challenges.
Moreover, the Group’s commitment to delivering value to stakeholders is evident in its declaration of a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).
Emirates Airlines, a flagship entity of the Group, has delivered stellar performance, reporting a new record profit of AED 17.2 billion (US$ 4.7 billion), marking a substantial 63% increase from the previous year. This impressive growth is attributed to a 13% revenue increase, reaching AED 121.2 billion (US$ 33.0 billion), fueled by expanded capacity deployment and strengthened global network and partnerships.
With Emirates Airlines’ passenger and cargo capacity recovering to near pre-pandemic levels, the airline continues to meet customer demands with increased flight frequencies and enhanced services.
dnata, the Emirates Group’s ground handling and travel services division, has also reported commendable results, with a profit of AED 1.4 billion (US$ 0.4 billion), significantly improved from the previous year.
dnata’s revenue surged by 29% to AED 19.2 billion (US$ 5.2 billion), reflecting increased flight activity and travel demand across its UAE and worldwide business divisions. Investments in infrastructure and technology have positioned dnata for future growth, enabling it to meet evolving customer needs and expand its global footprint.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, attributes the record-breaking performance to Dubai’s progressive policies and the visionary leadership of the UAE.
Expressing gratitude for the nation’s support, Sheikh Ahmed reaffirms the Group’s commitment to further investments in new aircraft, facilities, technology, and its workforce. With a workforce of 112,406 employees, the Emirates Group remains dedicated to innovation, sustainability, and delivering unparalleled customer experiences in the years ahead.
