Emirates group hits record $6.2bn profit for third consecutive year
Emirates Group, the Middle East’s largest airline conglomerate, has reported a record annual profit of $6.2 billion for the 2023/24 financial year, marking its third consecutive year of record-breaking earnings.
Even after accounting for the United Arab Emirates’ newly implemented corporate tax, which was applied to a full financial year for the first time, the Group posted an impressive net profit of $5.6 billion. This is an 18% year-on-year increase, fuelled primarily by surging global demand for air travel.
“The Emirates Group has raised the bar to set new records for profit, revenue, and cash assets,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group.
Over the past year, the company invested $3.8 billion in new aircraft, infrastructure, and technology to support its global expansion strategy. The Group’s workforce grew by 9%, reaching a record 121,223 employees, and a dividend of $1.6 billion was declared to its sole shareholder, the Investment Corporation of Dubai (ICD).
Emirates Airline, the Group’s flagship carrier, delivered a pre-tax profit of $5.8 billion, representing a 20% increase from the previous year. The airline’s revenue rose by 6% to $34.9 billion, underscoring continued robust passenger and cargo operations.
Meanwhile, Dnata, the Group’s global air services provider, reported a record pre-tax profit of $430 million, up 2% year-on-year, as it expanded its ground handling, catering, and travel services footprint worldwide.
The Group currently has 314 aircraft on order, including 61 Airbus A350s and 205 Boeing 777X jets.
