Dubai: Emirates Group announces record profit of Dh18.7 billion, up 71% from last year

Emirates Group, headquartered in Dubai, has announced its strongest financial performance for the fiscal year 2023-24, achieving record profits, revenue, and cash balance levels.

The group reported an exceptional 71% surge in total profit, reaching Dh18.7 billion compared to Dh10.9 billion last year. Both Emirates and dnata experienced significant increases in profit and revenue as the Group expanded globally to meet strong customer demand.

Revenue soared to Dh137.3 billion, a 15% increase from the previous year. The cash balance also reached an all-time high of Dh47.1 billion, up 11% from last year.

The combined profits of the Group for the last two years, totaling Dh29.6 billion, exceeded the pandemic losses of Dh25.9 billion during 2020-2022.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, attributed the success to high demand for air transport and services globally. He highlighted investments in products, services, partnerships, and talent as key contributors to the exceptional results.

The Group's strong financial position sets the stage for future growth and investment in better products, services, and value for customers and stakeholders.

Expansion plans include a multibillion-dollar fleet and cabin renewal program, new capabilities in catering, cargo, and ground handling, advanced technologies, training programs, and sustainability initiatives.

In 2023-24, the Group invested Dh8.8 billion in various areas to support growth plans. The total workforce grew to 112,406 employees, the largest ever, reflecting recruitment efforts to support expanding operations.

The Group made strides in sustainability, signing agreements for sustainable aviation fuel and joining initiatives focused on reducing carbon emissions in aviation. Emirates established a $200 million fund for R&D projects in aviation sustainability.

dnata also made sustainability efforts, transitioning to biofuel for its landside fleet in the UAE and receiving environmental certifications for its commitment to sustainability.

Overall, the Emirates Group's financial success, coupled with its sustainability initiatives, positions it for continued growth and positive contributions to the aviation industry and the environment.

1. What is the Emirates Group?

   • The Emirates Group is a Dubai-based aviation and travel services conglomerate.

2. What financial milestones did the Emirates Group achieve in the fiscal year 2023-24?

   • The Emirates Group reported record profits, revenue, and cash balance levels in 2023-24.

3. How much profit did the Emirates Group generate in 2023-24?

   • The Emirates Group achieved a total profit of Dh18.7 billion in 2023-24.

4. What percentage increase in profit did the Emirates Group experience compared to the previous year?

   • The Emirates Group saw an exceptional 71% surge in total profit compared to the previous year.

5. What was the revenue of the Emirates Group in 2023-24?

   • The Emirates Group's revenue reached Dh137.3 billion in 2023-24.

6. What was the cash balance of the Emirates Group in 2023-24?

   • The Emirates Group's cash balance reached Dh47.1 billion, the highest ever reported.

7. How did the Emirates Group perform financially during the COVID-19 pandemic?

   • The Emirates Group's combined profits for the last two years exceeded pandemic losses incurred during 2020-2022.

8. Who is Sheikh Ahmed bin Saeed Al Maktoum?

   • Sheikh Ahmed bin Saeed Al Maktoum is the Chairman and Chief Executive of Emirates airline and Group.

9. What factors contributed to the Emirates Group's financial success in 2023-24?

   • High demand for air transport, strategic investments in products and services, strong partnerships, and talented workforce contributed to the Emirates Group's success.

10. What expansion plans does the Emirates Group have for the future?

    • The Emirates Group has plans for a multibillion-dollar aircraft fleet and cabin renewal program, new capabilities in catering, cargo, and ground handling, and investments in advanced technologies and sustainability initiatives.

11. How much did the Emirates Group invest in 2023-24?

    • In 2023-24, the Emirates Group collectively invested Dh8.8 billion in various areas to support its growth plans.

12. What is the total workforce size of the Emirates Group?

    • The Emirates Group's total workforce grew to 112,406 employees, its largest size ever.

13. What are some sustainability initiatives undertaken by the Emirates Group?

    • The Emirates Group signed agreements for sustainable aviation fuel, established a $200 million fund for aviation sustainability projects, and joined initiatives to reduce carbon emissions in aviation.

14. What environmental certifications did dnata receive?

    • dnata, part of the Emirates Group, received the International Air Transport Association's environmental management (IEnvA) certification for its commitment to sustainability.

15. How did the Emirates Group contribute to reducing carbon emissions in aviation?

    • Emirates Group signed agreements for sustainable aviation fuel and invested in R&D projects focused on reducing the impact of fossil fuels in commercial aviation.

16. What are the key areas of investment for the Emirates Group's growth plans?

    • The Emirates Group is investing in aircraft fleet and cabin renewal, new capabilities in catering, cargo, and ground handling, advanced technologies, training programs, and sustainability initiatives.

17. What is the significance of the Emirates Group's financial performance for Dubai?

    • The Emirates Group's strong financial standing benefits Dubai and the communities it serves by generating value and supporting economic growth.

18. What are the main achievements highlighted by Sheikh Ahmed bin Saeed Al Maktoum?

    • Sheikh Ahmed bin Saeed Al Maktoum highlighted the high demand for air transport, successful business models of Emirates and dnata, and the Group's commitment to sustainability.

19. What role did the UAE play in climate action during 2023-24?

    • The UAE hosted COP28, the world's biggest conference for climate action, during 2023-24.

20. How did dnata contribute to sustainability efforts in its UAE businesses?

    • dnata transitioned to biofuel for its landside fleet of vehicles in the UAE and received environmental certifications for its commitment to sustainability.