Emirates Group has achieved its best-ever financial performance for the 2023-24 fiscal year, marking a significant milestone with record profits of AED 18.7 billion (US$ 5.1 billion), a remarkable 71% increase from the previous year. This achievement is attributed to robust customer demand across its businesses, driving a 15% rise in group revenue to AED 137.3 billion (US$ 37.4 billion), and an unprecedented cash balance of AED 47.1 billion (US$ 12.8 billion). The group also declared a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD), reflecting its strong financial position.
Emirates airline contributed significantly to the group’s success, reporting a 13% increase in revenue to AED 121.2 billion (US$ 33.0 billion) as it expanded capacity and strengthened its global network and partnerships. The airline’s capacity increased by 20% to 57.7 billion ATKMs, approaching pre-pandemic levels, while carrying 51.9 million passengers, a notable 19% increase from the previous year.
dnata, another key component of the Emirates Group, also reported a remarkable performance with a profit of AED 1.4 billion (US$ 0.4 billion), significantly higher than the previous year. Its revenue surged by 29% to AED 19.2 billion (US$ 5.2 billion), driven by increased flight activity and travel demand across its UAE and worldwide business divisions.
Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, attributed the record performance to years of strategic investments in products, services, partnerships, and talent development. He highlighted Dubai’s progressive policies and leadership as pivotal factors enabling the Emirates Group to thrive, emphasizing the commitment to further enhance customer value through continued investment and innovation.