The Emirates Group has unveiled its 2023-24 annual report, marking new milestones in profit, revenue and cash reserves.
Both Emirates and dnata witnessed notable increases in profit and revenue during 2023-24, reflecting the Group's global expansion efforts to meet robust customer demand for its premium offerings.
For the fiscal year ending March 31, 2024, the Emirates Group recorded a record profit of AED 18.7 billion (US$ 5.1 billion), marking a 71% surge from last year's AED 10.9 billion (US$ 3.0 billion). Revenue reached AED 137.3 billion (US$ 37.4 billion), up 15% from the previous year. The Emirates Group cash reserves reached AED 47.1 billion (US$ 12.8 billion), a remarkable 11% increase from the previous year.
The combined profits for the past two years, totalling AED 29.6 billion, exceeded the pandemic losses of AED 25.9 billion incurred during 2020-2022.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “The Group's robust financial position today positions us well for future growth and success. It allows us to invest in enhancing our products, services and overall value for our customers and stakeholders.”
Numerous significant projects are already in progress, including a multi-billion-dollar aircraft fleet and cabin renewal programme, enhancements in catering, cargo and ground handling capabilities, adoption of advanced technologies to support operations, expansion of training and development initiatives and efforts to advance the Group's sustainability goals.
During 2023-24, the Group invested AED 8.8 billion (US$ 2.4 billion) collectively in new aircraft, facilities, equipment, acquisitions, and cutting-edge technologies to underpin its growth strategies.
The Group's workforce expanded by 10% to 112,406 employees, its largest ever, reflecting Emirates and dnata's ongoing recruitment efforts worldwide to bolster operational expansion and future resilience.
