DUBAI, UAE, 14 May 2024: The Emirates Group today released its 2023-24 Annual Report, hitting new record profit, revenue, and cash balance levels.
Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations worldwide to meet strong customer demand for its high-quality products and services.
For the financial year ended 31 March 2024, the Emirates Group posted a record profit of AED18.7 billion (USD5.1 billion), up 71% compared with last year’s AED10.9 billion (USD3 billion) profit. The Group’s revenue was AED137.3 billion (USD37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED47.1 billion (USD 12.8 billion), the highest ever reported, up 11% from last year.
Combined Group profits for the last two years, at AED29.6 billion, surpass pandemic losses of AED25.9 billion during 2020-2022.
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 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 workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity worldwide to support its expanding operations and bolster its future capabilities.
The Group made significant strides in its sustainability journey during 2023-24, implementing numerous initiatives focused on the environment, its people, customers, and communities.
Environmental topics were 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 first time, as well as 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 limited solutions to reduce carbon emissions meaningfully, Emirates established a USD200 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. It joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for various sectors, including aviation.
Dnata continued to invest and induct more electric and hybrid vehicles into 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.
The Group ramped up investments in people development, rolling out a comprehensive programme of learning and training options for its workforce in partnership with top universities and key industry partners. A Gender Balance Council was established to champion and promote gender equality within the Group.
The Emirates Group has expanded its ESG reporting in its latest 2023-24 report and is adopting aspects of the GRI standards. It plans to evolve its reporting to meet ISSB and CSRD requirements in the coming years.
Emirates Airline and Group Chairman and Chief Executive His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth. dnata will continue leveraging synergies and scaling across its business divisions to grow its footprint and capabilities. In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve.”
“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months. As always, we will closely monitor costs and external factors such as oil prices, currency fluctuations, and volatile environments caused by socio-political changes. Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.”
He added: “Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This AED128 billion (USD35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth and Emirates’ and dnata’s growth.
For bookings and flight information, visit www.emirates.com
