Emirates Group, which owns Emirates Airlines among other businesses, has reported a record performance in the year 2023-24 with record profits, record revenue and a record level of cash assets also.

Dubai-based aviation and services group Emirates Group, which owns among other things, Emirates Airlines, has reported a record profit of AED 18.7 billion or USD 5.1 billion in the year 2023-24, an increase of 71 pc from last year.

In a press statement, the company says that last year it also registered  record revenue and record level of cash assets. It says that the group revenue increased 15 pc to a new high of AED 137.3 billion or USD 37.4 billion, driven by strong customer demand across its businesses.

It says that as a result it also ended the year with highest-ever cash balance of AED 47.1 billion or USD 12.8 billion and it declared a dividend of AED 4.0 billion to its sole owner, the Investment Corporation of Dubai (ICD).

According to the statement, the Group Chairman has credited 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 Airlines, the largest business of the Emirates Group, says its profits reached a new record level of AED 17.2 billion, an increase of 63 pc from AED 10.6 billion last year. Its revenue rose 13 pc to AED 121.2 billion, as the airline deployed more capacity, and continued to strengthen its global network and partnerships.

The statement adds that the combined group profits for the last two years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.

“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 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,” says Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.  

“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,” he adds. 

The company says that 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.