The Emirates Group has recently released its 2023-24 Annual Report, showcasing record profit, revenue, and cash balance levels. Both Emirates and dnata, two of the Group’s main entities, experienced significant increases in profit and revenue. The Group’s financial year, ending on March 31, 2024, resulted in a profit of AED18.7 billion, a 71% increase from the previous year. Revenue reached AED137.3 billion, up 15% from the year before, with a cash balance of AED47.1 billion, the highest ever reported.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and the Emirates Group, attributes the success to the high demand for air transport and travel-related services worldwide. The Group has been able to quickly adapt to these demands, resulting in impressive financial results. Sheikh Ahmed also highlights the role of the UAE’s leaders in creating a conducive environment for the Group’s growth and success. He mentions plans for future growth, with investments in expanding the fleet and capabilities of Emirates and dnata.
Emirates specifically saw a 20% increase in total passenger and cargo capacity, nearing pre-pandemic levels. The airline achieved a record profit of AED17.2 billion, with 51.9 million passengers carried in 2023-24. The cargo division also contributed significantly to the airline’s revenue, reporting AED13.6 billion in revenue. Emirates plans to expand its freighter fleet with the delivery of additional Boeing 777Fs in the near future.
On the other hand, dnata reported a 330% increase in profit to AED1.4 billion in 2023-24. The business divisions under dnata also saw solid results, with total revenue reaching a record AED19.2 billion. This growth was largely driven by increased flight and travel activity globally. The Group’s strong financial standing has positioned it well for future growth and investments in improving products, services, and environmental impact.
Looking ahead, the Dubai government has announced plans for the next phase of expansion at Al Maktoum International Airport, which will serve as the new hub for Emirates and dnata’s operations. This AED128 billion investment will enhance Dubai’s aviation and logistics infrastructure, supporting the growth of Emirates, dnata, and the city as a whole. With a focus on sustainability, customer satisfaction, and community engagement, the Emirates Group is set to continue its path of success in the aviation industry.
