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The Emirates Group today issued its 2023-24 Annual Report, which set new profit, sales, and cash balance records.
In 2023-24, both Emirates and dnata had considerable profit and revenue improvements as the Group extended its global operations to satisfy strong consumer demand for its high-quality products and services.
Statistics
For the fiscal year ending March 31, 2024, the Emirates Group reported a record profit of Dhs18.7 billion ($5.1 billion), up 71% from the previous year’s earnings of Dhs10.9 billion ($3.0 billion). The Group’s sales were Dhs137.3 billion ($37.4 billion), up 15% from the previous year’s figures.
The Group’s cash balance was Dhs47.1 billion ($12.8 billion), the largest ever reported and up 11% from the previous year.
The combined Group earnings over the previous two years, at Dhs29.6 billion, have surpassed pandemic losses of Dhs25.9 billion in 2020-2022.
Both Emirates and dnata have created successful business models that capitalize on Dubai’s particular assets, resulting in great value for Dubai and the communities it serves throughout the world.
New A350
Sheikh Ahmed went on to say, “The Group’s current great financial status puts us in a strong position for future expansion and success. It allows us to invest in providing even greater products, services, and value to our consumers and stakeholders.
He stated, “We approach the fiscal year 2024-25 with good foundations for further development. Emirates will take receipt of ten additional A350 aircraft in 2024-25, contributing to its fleet mix and supporting the next phase of network expansion. dnata will continue to use synergies and scalability across its business segments to expand its reach and capabilities. In tandem, we are spending resources to reduce our environmental effect, develop our employees, and care for our clients and the communities we serve.”
He continued, “Looking ahead, the Dubai government has declared plans to begin the next phase of growth at Al Maktoum International Airport, which would eventually serve as the new hub for Emirates and dnata operations. This Dhs128 billion ($ 35 billion) investment would considerably extend and improve Dubai’s aviation and logistics infrastructure, hence supporting the city’s expansion as well as the growth of Emirates and dnata.
20 weeks’ salary as advance to employees
According to an internal email seen by Reuters, the state-owned airline would offer its employees a bonus equal to 20 weeks’ wages.
Emirates’ overall passenger and cargo capacity grew by 20% to 57.7 billion ATKMs in 2023-24, returning to pre-pandemic levels.
The airline achieved a new record profit of Dhs17.2 billion ($4.7 billion), surpassing the previous year’s Dhs10.6 billion ($2.9 billion), with an outstanding profit margin of 14.2%, marking the highest performance in the airline’s history.
Emirates transported 51.9 million passengers (up 19%) in 2023-24, with seat capacity increasing by 21%.
The cargo sector achieved a good revenue of Dhs13.6 billion ($3.7 billion), accounting for 11% of the airline’s overall income.
Emirates’ SkyCargo had a total freighter fleet of 11 Boeing 777Fs at the end of 2023-24. The freight sector expects to get its five more Boeing 777Fs on order in mid-2024.
Emirates proceeded to satisfy all of its normal aircraft-related payment commitments, repaying an extra Dhs2.2 billion ($ 596 million) of the Dhs17.5 billion ($ 4.8 billion) borrowed during the COVID-19 problem.
Emirates ended the fiscal year with its highest-ever level of cash assets, Dhs42.9 billion ($11.7 billion), 15% more than on March 31, 2023.
dnata’s earnings climbed by 330% to Dhs1.4 billion ($ 387 million) in 2023-24, with strong performance across all business segments.
dnata’s overall revenue climbed by 29% to a new high of Dhs19.2 billion ($5.2 billion), boosted by increasing global flight and passenger activity.
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