Dubai’s Emirates Group has announced its most successful financial performance ever for the fiscal year 2023-24, achieving remarkable profits, revenue, and cash asset levels.
The company reported an impressive total profit of AED 18.7B, marking an outstanding 71 percent increase compared to the previous year. The Group announced its intention to distribute $1.89B in dividends to its parent company, the Investment Corporation of Dubai.
The latest figures were disclosed by Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive Officer of Emirates Airline & Group via a post on X (formerly known as Twitter).
The Emirates Group has disclosed its most outstanding financial results for 2023-24, achieving record profit, revenue, and cash asset levels. In total, Group profits soared to AED 18.7B, reflecting a remarkable 71% increase compared to the previous year.
Sheikh Ahmed expressed gratitude to the UAE’s visionary leaders, particularly HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He attributed the success to their leadership and the nation’s progressive policies, enabling the Emirates Group to thrive. He highlighted the successful business models of both Emirates and dnata, which leverage Dubai’s unique advantages, generating substantial value for Dubai and the global communities they serve.
Emirates invested $2.4B in new aircraft, facilities, equipment, companies, and technologies to support its growth plans. Its workforce expanded by 10 percent to over 112,000 employees, reaching a record high, as it continued global recruitment to expand operations and capabilities for the future.
Sustainability efforts were a key focus, with agreements signed to use sustainable aviation fuel at its Dubai hub, Amsterdam, and Singapore. The company operated the first A380 test flight with one engine running entirely on sustainable fuel and established a $200M fund for research on reducing fossil fuel impact in commercial aviation.
Catering and retail income surged, with a 35 percent increase in catering and a 48 percent rise in travel services earnings. Emirates’ total passenger and cargo capacity grew by 20 percent, nearing pre-pandemic levels, with more connection options provided and network expansions.
Despite challenges, Emirates achieved its highest profit yet at AED 17.2B, enabling further investments in aircraft, training, and sustainable fuel to sustain growth.
