Emirates Group posted their best-ever financial performance for 2023-24 with record profit of AED 18.7 billion (US$ 5.1 billion), up 71% from last year, record revenue, and a record level of cash assets.
Group revenue increased 15% to a new high of AED 137.3 billion (US$ 37.4 billion), driven by strong customer demand across its businesses. The group ended the year 2023/2024 with the highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion) declaring a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner the Investment Corporation of Dubai (ICD). 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. Airline capacity also increased by 20% to 57.7 billion ATKMs,closing the gap to pre-pandemic levels.
dnata also reports a profit of AED 1.4 billion (US$ 0.4 billion), significantly improved from its AED 331 million (US$ 90 million) profit last year. Revenue increased 29% to hit a new record AED 19.2 billion (US$ 5.2 billion), reflecting increased customer flight activity and travel demand across its UAE and worldwide business divisions.
Chairman and Chief Executive, Emirates airline and Group Ahmedbin Saeed Al Maktoum, (PICTURED) said: “The Emirates Group has once again raised the bar to deliver a new record performance.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.”
Chairman credits record this performance to Dubai’s progressive policies and it is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish.”
“The Group’s excellent financial standing enables us to invest to deliver even better products, services, and more value to our customers and stakeholders.”
In 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) 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.
Emirates carried 51.9 million passengers (up 19%) in 2023-24, with seat capacity up by 21%.
The airline reports a Passenger Seat Factor of 79.9%, rising from 79.5% last year.
Emirates SkyCargo reaffirmed its position in global air logistics and trade, carrying 2.2 million tonnes of goods around the world in 2023-24, up 18% from the previous year, as increased passenger operations expanded available cargo capacity.
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