The Emirates Group today 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.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, expressed pride in the Emirates Group's record-breaking performance. He attributed the success to high global demand for air travel services and the Group's ability to swiftly meet customer needs. Sheikh Ahmed credited the achievement to years of continuous investment in products, services, partnerships, and talented staff. He recognized the visionary leadership of UAE leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, for creating an environment conducive to the Emirates Group's success. Sheikh Ahmed highlighted Emirates and dnata's business models, which leverage Dubai's unique advantages, contributing significant value to Dubai and global communities.
HH Sheikh Ahmed added:
“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.”
Many major projects are already underway, including: a multibillion-dollar aircraft fleet and cabin renewal programme; new catering, cargo, and ground handling capabilities; advanced technologies to support the Group’s operations; expanded training and people development programmes; and initiatives to progress the Group’s sustainability agenda.
In 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
The Group’s total workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.
The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focussed on the environment, its people, customers, and communities.
Environmental topics were high on the agenda during the year, as the UAE hosted the world’s biggest conference for climate action, COP28, in Dubai.
In 2023-24, Emirates made strides in sustainable aviation, signing agreements for sustainable aviation fuel (SAF) in Dubai, Amsterdam, and Singapore. They conducted the first A380 demonstration flight using 100% SAF. To reduce carbon emissions, Emirates established a $200 million fund for R&D projects, joined Air-CRAFT for aviation fuel research, and The Solent Cluster for low-carbon fuels. dnata invested in electric/hybrid vehicles globally and transitioned UAE businesses to biofuel. They received environmental certifications. The Group prioritized workforce development, introducing learning programs and establishing a Gender Balance Council. They expanded ESG reporting, aiming to meet ISSB and CSRD standards in the future.
Sheikh Ahmed expressed confidence in Emirates and dnata's growth prospects for the 2024-25 financial year, citing the delivery of 10 new A350 aircraft for Emirates and dnata's focus on leveraging synergies for expansion. He highlighted ongoing efforts to minimize environmental impact, develop talent, and serve customers and communities. Despite positive business outlook, he acknowledged the need to monitor costs and external factors. Looking ahead, he mentioned Dubai government's plans for the next phase of expansion at Al Maktoum International Airport, a significant investment expected to enhance aviation and logistics infrastructure, supporting the growth of both Emirates and dnata.
News Source: Emirates
