Emirates Group announces record annual profit of $5.1 billion, up 71%

Emirates

The Emirates Group has announced its financial results for the 2023-24 fiscal year. Comprising the airline Emirates and the air services provider dnata, the group has achieved unprecedented profit, revenue, and cash reserves growth. 

For the fiscal year ending March 31, 2024, the Emirates Group recorded a significant profit of AED 18.7 billion (US$5.1 billion), marking an impressive 71% surge from the previous year’s AED 10.9 billion (US$3.0 billion). 

The Group’s revenue also increased substantially by 15% from the prior year, soaring to AED 137.3 billion (US$37.4 billion). Furthermore, the Group reported a record cash balance of AED 47.1 billion (US$12.8 billion), marking an 11% rise from the preceding year.

“The Emirates Group has once again raised the bar to deliver a new record performance. Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results,” the Chairman and Chief Executive of Emirates airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, commented. “We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.”

Emirates’ total passenger and cargo capacity nears pre-pandemic levels

Dubai-based Emirates has reported a significant increase in its passenger and cargo capacity, with a 20% surge in total capacity to 57.7 billion Available Tonne Kilometers (ATKMs) in the fiscal year 2023-24, almost reaching pre-pandemic levels. 

A comprehensive route network expansion supported this capacity development, including resuming services to Tokyo Haneda (HND) and new daily flights to Montréal, Canada. Additionally, Emirates has signed codeshare and interline agreements with 11 new airline partners, strengthening its connectivity and expanding its global reach.

At the end of March 2024, Emirates’ fleet consisted of 260 aircraft with an average age of 10.1 years. The airline introduced its flagship A380 aircraft and Premium Economy product to more destinations worldwide. The airline’s ongoing US$2 billion cabin retrofit program has equipped 16 additional aircraft with its latest signature products.

Emirates’ passenger operations have reached a record-breaking 51.9 million passengers carried in the fiscal year, representing an impressive 19% increase from the previous year. Emirates reported a robust Passenger Seat Factor of 79.9%, indicating strong demand across diverse customer segments.

Emirates SkyCargo, the airline’s cargo division, carried 2.2 million tonnes of goods worldwide, an 18% increase from the previous year.

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