Emirates, the Dubai-headquartered airline behemoth, today announced its annual results for the year 2023-24, and for the second year in a row, the airline clocked a record profit.

Emirates Group records USD 5.1 Billion profit

Emirates Group consists of the Emirates Airline, dnata (ground handling) and other smaller entities which are vertically integrated. On the whole, the Emirates Group today reported their financial performance for the year 2023-24 (April to March) and the group has clocked 5.1 billion dollars in profit, which is up 71% from the USD 3 Billion profit which was reported last year. Emirates Group’s current profit is a record in its own history, and signals how strong the come back of travel has been post covid.

• The Emirates Group revenue increased 15% to a new high of USD 37.4 billion, driven by strong customer demand across its businesses.
• The Emirates Group ended the year with its highest-ever cash balance of USD 12.8 billion.
• The Emirates Group declared a dividend of USD 1.1 billion to its owner, the Investment Corporation of Dubai (ICD).

Emirates clocks USD 4.7 Billion Profit

The Emirates Airline was the major contributor to the performance of the group, undoubtedly. Emirates reported a new record profit of USD 4.7 billion, up 63% from USD 2.9 billion a year ago.

• Revenue rose 13% to USD 33.0 billion), as the airline deployed more capacity, and continued to strengthen its global network and partnerships.
• Airline capacity increased by 20% to 57.7 billion ATKMs, closing gap to pre-pandemic levels.

Emirates Chairman credited the record performance to Dubai’s progressive policies, says profits enable further investments in new aircraft, facilities and equipment, technology, products and services, and its people. Emirates has expanded its customer portfolio with new contracts, adds lounge facilities in new global markets, and invests in new equipment and technologies to enhance operations and services.

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 USD 2.4 billion in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

Here is an infographic that encapsulates all the mindboggling numbers that Emirates achieved through the year.

Providing customers with more connection options, Emirates restarted services to Tokyo Haneda, added capacity to 29 destinations, and launched new daily flights to Montréal, Canada. Emirates also inked codeshare and interline agreements with 11 new airline partners, further extending its network’s reach. By March 31, 2024, the Emirates network comprised 151 destinations across six continents, including 10 cities served by its freighter fleet only.

Emirates brought its flagship A380 and popular Premium Economy product to even more cities this year, as 16 more aircraft rolled out of its USD 2 billion cabin retrofit programme, fully refurbished with the airline’s latest signature products. As of March 31, 2024, the Emirates A380 served 49 destinations, and customers could experience Emirates’ Premium Economy experience to and from 15 cities around the world. The total fleet count at the end of March was 260 units, with an average fleet age of 10.1 years.

Emirates continues to invest in passenger experience

Emirates’ order book stands at 310 aircraft, after it announced orders for 110 additional units of Boeing 777s, 787s, and Airbus A350s at the 2023 Dubai Airshow. These new generation widebody aircraft will replace older jets and support fleet growth, aligning with the airline’s long-standing commitment to fly modern aircraft that are efficient to operate, and able to offer customers the latest inflight comforts and experiences.

Emirates continued to invest in its lounge offerings. During the year, it invested over USD 8 million to uplift its dedicated Emirates Lounges with refreshed facilities reopening to serve premium customers and frequent flyers in Brisbane, Dusseldorf, Frankfurt, Hamburg, Hong Kong, Johannesburg, Manchester and Munich. Emirates restored its Chauffeur Drive service to 82 cities across its network and introduced this complimentary offering to premium customers in Indonesia, Morocco, and Turkey.

The airline also implemented a slew of inflight enhancements from menus and amenities to entertainment content, key amongst which, were the launch of complimentary loungewear and meal pre-ordering in Business Class.

Bottomline

Emirates has reported a record USD 4.7 billion profit for the financial year 2023-24. The airline and the Group has clearly left the shadows of Covid behind and responded to the growth of travel and profited from it very well. The airline is now sitting on a record cash balance, which should help power its growth in the future.

What do you think of Emirates’ 2023-2024 financial results?

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