Emirates has reported its best-ever financial performance with a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% from last year, record revenue, and record level of cash assets.

Highlights include:

• 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.
• Ends year with highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion).
• The Group declares a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner the Investment Corporation of Dubai (ICD). 
• Chairman credits 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.
• 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 increased by 20% to 57.7 billion ATKMs, closing gap to pre-pandemic levels.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said; "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.” 

READ: Emirates announces A350 launch and destinations

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 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.

Sustainability

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 US$ 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.

Fleet and Product

Emirates brought its flagship A380 and popular Premium Economy product to even more cities this year, as 16 more aircraft rolled out of its US$ 2 billion cabin retrofit programme, fully refurbished with the airline’s latest signature products. As of 31 March 2024, the Emirates A380 served 49 destinations, and customers could enjoy Emirates’ Premium Economy experience to and from 15 cities around the world.

Total fleet count at the end of March was 260 units, with an average fleet age of 10.1 years. 

Emirates’ order book stands at 310 aircraft, after it announced orders worth US$ 58 billion combined, 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.

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