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Emirates Group posts $5.1bn profit

14 May 2024

Emirates Group, comprising Emirates Airline and Dnata, has posted a record profit of AED18.7bn ($5.1bn) in its latest fiscal year ending 31 March, up 71% compared to a AED10.9bn profit for last year.

The group’s revenue stood at AED137.3bn, an increase of 15% over last year’s results.

Its cash balance was AED47.1bn, the highest ever reported and an 11% increase from last year.

According to its annual report, the group's profits for the last two years reached AED29.6bn, which has surpassed pandemic losses of AED25.9bn in 2020-22.

The group has declared a dividend of AED4bn to its owner, the Investment Corporation of Dubai.

Emirates Group chairman and CEO, Sheikh Ahmed Bin Saeed Al Maktoum, attributed the company's record performance to Dubai’s progressive policies.

He added that profits enable further investments in new aircraft, facilities and equipment, technology, products and services, and staff.

Business performance

Emirates reported a new record profit of AED17.2bn, up 63% from AED10.6bn last year.

The airline's revenue rose 13% to AED121.2bn while capacity increased by 20% to 57.7 billion available tonne-kilometres.

The group's cargo and logistics arm, Dnata, reported a profit of AED1.4bn, up more than four-fold compared to its AED331m profit last year.

Revenue increased 29% to hit a new record high of AED19.2bn, reflecting increased customer flight activity and travel demand across its UAE and worldwide business divisions. 

Investments and outlook

In 2023-24, the group collectively invested AED8.8bn in new aircraft, facilities, equipment, companies and the latest technologies to support its growth plans.   

In line with this, Emirates expects to receive delivery of 10 new A350 aircraft in 2024-25.

The group’s total workforce grew by 10% to 112,406 employees, its largest ever.

In terms of environment, social and governance (ESG) initiatives, in 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the first time, and also in Amsterdam and Singapore.

The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying.

The business outlook is positive and the group expects customer demand for air transport and travel to remain strong in the coming months.

"As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations and volatile environments caused by socio-political changes," said Sheikh Ahmed.

"Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.”

Sheikh Ahmed affirmed the Dubai government's plan to start the next phase of expansion at Al Maktoum International airport, which will eventually be the new hub for Emirates' and Dnata’s operations.

"This AED128bn investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and Dnata’s growth," he added.

MEED's April 2024 special report on the UAE includes:

> COMMENT: UAE rides high on non-oil boom
> GVT & ECONOMY: Non-oil activity underpins UAE economy
> BANKING: UAE banks seize the moment
> UPSTREAM: Adnoc oil and gas project spending sees steep uptick
> DOWNSTREAM: UAE builds its downstream and chemical sectors
> POWER: UAE marks successful power project deliveries
> WATER: Dubai tunnels project dominates UAE pipeline
> DUBAI CONSTRUCTION: Dubai real estate boosts construction sector
> ABU DHABI CONSTRUCTION: Abu Dhabi makes major construction investments

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Jennifer Aguinaldo

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