An Emirates Airline plane
Karim Sahib | AFP | Getty Images
DUBAI, United Arab Emirates – Dubai-based airline Emirates on Monday reported a record annual profit of Dh17.2 billion ($4.7 billion) for the 2023-2024 financial year, a 63% increase from the previous year.
The flag carrier of the UAE’s commercial capital continues to see a recovery in tourism and is expanding its route network to meet growing demand.
Emirates Group said in a statement that the latest figures for the world’s largest long-haul airline were the best in its history and were “driven by significant demand for travel across customer segments”.
Emirates carried 51.9 million passengers in the 2023-24 financial year, up 19% from the previous year, and reported a 21% increase in seat capacity.
The airline’s revenue increased by 13% to Dh121.2 billion and capacity increased by 20%, “narrowing the gap to pre-pandemic levels”, the statement said.
Sheikh Ahmed bin, Chairman and Chief Executive Officer of Emirates Airline, said: “During the year, we have seen significant demand for air transport and travel-related services around the world, and thanks to our ability to quickly Taking action to meet the needs of our customers, we achieve great results as a result.
“We have benefited from years of ongoing investment in our products and services, building strong partnerships and our people capabilities.”
Emirates Group, which includes airlines and aviation services as well as ground handling company dnata, achieved its best-ever financial results with record profits of Dh18.7 billion, a 71% increase on the previous year .
The company also ended the financial year with a cash balance of Dh47.1 billion, a record high, and announced a Dh4 billion dividend to its owner, Dubai Investments.
The airline doesn’t plan to slow down its expansion anytime soon; it has More than 300 passenger aircraft order.
Meanwhile, Dubai’s leadership recently approved a multi-billion dollar plan to build a new passenger terminal at the emirate’s Al Maktoum International Airport, which would make it larger than Dubai’s main international airport Five times that, it is also the largest airport in the world.
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