The Emirates Group, a global aviation leader, today announced its annual report for the 2023-24 financial year, showcasing a period of remarkable growth and record-breaking achievements.
Overall, the Group reported its best-ever financial performance with record profit of AED 18.7 billion (US$ 5.1 billion). This is up 71% from last year, and represents a record revenue, with a record level of cash assets.
The Group Chairman credits this record performance to Dubai’s progressive policies. He says the profits will enable further investments in new aircraft, facilities and equipment, technology, products and services, and its people.
Stellar Performance Across the Board
The Group achieved a record profit of AED 18.7 billion (US$ 5.1 billion), a significant 71% increase compared to the previous year.
This exceptional performance was driven by a 15% rise in revenue, reaching AED 137.3 billion (US$ 37.4 billion), and a surge in customer demand for air travel and travel-related services.
The Group’s cash balance also reached an all-time high of AED 47.1 billion (US$ 12.8 billion), reflecting its strong financial health.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and the Group, attributed this success to several factors:
- Meeting Customer Demand: The Group’s rapid response to evolving customer needs and its commitment to high-quality products and services were key drivers of growth.
- Strategic Investments: Years of continuous investments in products, services, partnerships, and employee development played a crucial role in achieving these results.
- Appreciation for Leadership: Sheikh Ahmed expressed gratitude to the UAE’s visionary leadership, particularly His Highness Sheikh Mohammed bin Rashid Al Maktoum, for fostering an environment that allows the Group to flourish.
Investing in the Future
The Group is committed to continued growth and has earmarked significant investments for the future. These include:
- A multi-billion dollar program for fleet and cabin renewal.
- Continued development of catering, cargo, and ground handling capabilities.
- Advanced technologies to support operations.
- Expanded training and people development initiatives.
- Sustainability programs to minimize the Group’s environmental impact.
Building a Sustainable Future
The Emirates Group actively pursues environmental sustainability initiatives. During the year, the Group:
- Signed new agreements to source sustainable aviation fuel (SAF) at its Dubai hub and other key locations.
- Operated the first A380 demonstration flight using 100% SAF in one engine, contributing to research for future all-SAF flights.
- Established a US$200 million fund to support research and development projects focused on reducing the environmental impact of aviation fuels.
- Became a founding member of initiatives promoting renewable and low-carbon aviation fuels.
dnata’s Growth Trajectory
dnata, a subsidiary of the Emirates Group, also witnessed significant progress in 2023-24. The company:
- Invested in electric and hybrid vehicles for its ground support equipment fleet.
- Converted diesel-powered equipment to run on biofuel and electric power.
- Achieved environmental management certifications for its commitment to sustainability.
Investing in People
The Group recognizes the importance of its workforce and has ramped up investments in people development.
This includes comprehensive training and learning programs in collaboration with top universities and industry partners. Additionally, the Group established a Gender Balance Council to champion gender equality within the organization.
Looking Ahead with Confidence
The Emirates Group is optimistic about the future. With a strong foundation, the Group is poised for continued growth. Sheikh Ahmed highlighted several key aspects of the future outlook:
- Continued delivery of new A350 aircraft to Emirates.
- dnata’s focus on leveraging synergies and expanding its footprint.
- Investments in minimizing environmental impact, developing people, and serving customers and communities.
- A positive business outlook driven by strong customer demand.
- The upcoming expansion of Dubai’s Al Maktoum International Airport, which will serve as the future hub for Emirates and dnata.
Summary
Emirates achieved a notable increase in passenger and cargo capacity in 2023-24, nearing pre-pandemic levels. The airline:
- Resumed services to key destinations and launched new routes.
- Expanded its codeshare and interline agreements, extending its network reach.
- Offered its flagship A380 and popular Premium Economy product on more routes.
- Placed significant orders for new, fuel-efficient widebody aircraft to replace older models and support future growth.
Financial Highlights for Emirates
- Revenue increased by 13% to AED 121.2 billion (US$ 33.0 billion).
- Operating cash flow reached AED 37.6 billion (US$ 10.3 billion).
- Total operating costs increased by 8%, with fuel costs representing a significant portion.
- Achieved a record profit of AED 17.2 billion (US$ 4.7 billion)
The full 2023-24 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available here.
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