Emirates has announced record $5.1 billion profit for 2023-24. The airline has also announced that it will give bonus salaries to all its employees. Let’s get into the details.
Emirates’ Record Profit
Emirates reported best-ever financial performance with record profit of AED 18.7 billion (US$ 5.1 billion), up 71% from last year, record revenue, and record level of cash assets. The Group’s revenue increased 15% to a new high of AED 137.3 billion (US$ 37.4 billion), “driven by strong customer demand across its businesses”.
It ended the financial year 2023-24 with highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion). Emirates Airline’s revenue rose 13% to AED 121.2 billion (US$ 33.0 billion), as the airline deployed more capacity, and continued to strengthen its global network and partnerships.
dnata reported a profit of AED 1.4 billion (US$ 0.4 billion), significantly improved from its AED 331 million (US$ 90 million) profit last year. It expanded customer portfolio with new contracts, added lounge facilities in new global markets, and invested in new equipment and technologies to enhance operations and services.
Stay up to date: Sign up for my newsletter to never miss latest Aviation and Travel news.
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. 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.
Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish. Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said.
Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.
Bonus salary
Emirates has also announced that it will give a 20-week bonus salary to all its employees.
You can find the full annual report of the Emirates Group for financial year 2023-24 here.
Featured image by Emirates
What do you think of Emirates Group’s record profit? Let me know in the comments section below.
Follow IH Aviation and Travel on Social Media on Instagram, Twitter and YouTube.