Dubai-based Emirates Group has announced its strongest financial performance to date for the fiscal year 2023-24, hitting new record profit, revenue, and cash balance levels.
The group reported a total profit of Dh18.7 billion, marking an exceptional 71 per cent surge compared with an Dh10.9 billion profit for last year.
Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services.
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The company’s revenue was Dh137.3 billion, an increase of 15% over last year’s results. The group’s cash balance was Dh47.1 billion, the highest ever reported, up 11% from last year.
Combined Group profits for the last 2 years, at Dh29.6 billion, surpass pandemic losses of Dh25.9 billion during 2020-2022.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “The Emirates Group 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.
“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 added: “The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders.”
Expansion plan
Many major projects are already underway, including: a multibillion-dollar aircraft fleet and cabin renewal programme; new catering, cargo, and ground handling capabilities; advanced technologies to support the Group’s operations; expanded training and people development programmes; and initiatives to progress the Group’s sustainability agenda.
In 2023-24, the Group collectively invested Dh8.8 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.
Sustainable journey
The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focussed on the environment, its people, customers, and communities.
Environmental topics were high on the agenda during the year, as the UAE hosted the world’s biggest conference for climate action, COP28, in Dubai.
In 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the very first time, and also in Amsterdam and Singapore. The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying.
Recognising that airlines today have the limited viable solutions to meaningfully reduce carbon emissions, Emirates established a $200 million fund to support R&D projects that focus on reducing the impact of fossil fuels in commercial aviation. It also became a founding entity of Air-CRAFT, a UAE-based research consortium for renewable and advanced aviation fuels; and joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for a variety of sectors, including aviation.
dnata continued to invest and induct more electric and hybrid vehicles to its global fleet of ground support equipment (GSE), adding new baggage tractors, cargo loaders, and pushback tractors to its USA operations. It also converted and refurbished diesel-powered GSEs in Italy to run on Hydrogenated Vegetable Oil and electric power. dnata’s UAE businesses including dnata logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing Worldwide, transitioned to biofuel for its landside fleet of vehicles.
During the year, dnata became the first combined air services provider to receive the International Air Transport Association’s environmental management (IEnvA) certification for its commitment to sustainability across its UAE businesses; and Emirates achieved IEnvA Stage One and the IEnvA Illegal Wildlife Trade module certifications, for its efforts in environmental stewardship and anti-wildlife trafficking.