Emirates Group hits record US$5.1bn profit

Emirates Group hits record US$5.1bn profit

Latest financial report reveals year-on-year profits up 71% and revenue gains of 15% 

For the second year in a row, the Emirates Group has reported its best financial results ever, with an annual profit of US$5.1bn for the year that ended 31 March 2024.

With Emirates hitting a new record profit of US$4.7bn, up 63% from the US$2.9bn figure posted last year, and Dnata reporting a significantly improved profit of US$0.4bn, up from US$90m last year, this sees the Group’s year-on-year profits up 71%.

The Group’s revenue was US$37.4bn, an increase of 15% over last year’s results, while the Group’s cash balance was US$12.8bn, the highest ever reported, up 11% from last year.

Combined, Group profits for the past two years, at US$8bn, surpass pandemic losses of US$7bn during 2020 to 2022 financial years.

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In 2023-24, the Group collectively invested US$2.4bn in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.

Commenting on the results, Emirates airline and Group chairman and chief executive, His Highness Sheikh Ahmedbin Saeed Al Maktoum said: “The Emirates Group has once again raised the bar to deliver a new record performance. We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth. 

"Dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities. 

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

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