The Emirates Group posted a record profit of AED 18.7 billion (USD 5.1 billion), a 71% increase from the previous year.
Moreover, The Emirates Group revenue grew to AED 137.3 billion (USD 37.4 billion), up 15% from last year.
While the cash balance reached AED 47.1 billion (USD 12.8 billion), the highest ever, up 11% from last year,.
AED 8.8 billion in investments
Emirates Airline and DNATA both saw significant profit and revenue increases.
The group invested AED 8.8 billion (USD 2.4 billion) in new aircraft, facilities, equipment, and new companies.
The employee base has also grown by 10% to 112,406, the largest number ever.
Adding to that, The Emirates Group announced plans to begin the next phase of expansion at Dubai World Central, supported by an AED 128 billion (USD 35 billion) government investment.
The Emirates Group Updates for 2023-2024
Profits Record:
The Emirates Group’s profit of AED 18.7 billion is the highest in its history.
This strong performance reflects the group’s ability to capitalize on the rebound in air travel demand following the COVID-19 pandemic.
Strong Revenue Growth:
Revenue increased by 15% to AED 137.3 billion, driven by growth in all business segments.
This highlights the group’s broad-based strength and its ability to generate revenue from multiple sources.
Healthy Cash Balance:
The group’s cash balance reached AED 47.1 billion, providing a strong financial cushion for future investments and growth.
Diversified Business Model:
The group’s business model is diversified, which contributes to its success.
This diversification has helped the group weather downturns in any one sector.
Growth Investment:
The Group invested AED 8.8 billion in new aircraft, facilities, equipment, and new companies.
These investments will support the group’s future growth plans.
The Emirates Group achieved record annual profits amounting to 18.7 billion dirhams ($5.1 billion), a growth of 71% compared to the previous year’s profits of 10.9 billion dirhams ($3 billion). pic.twitter.com/776axfxgFq
— UAE Voice (@uae_voiceeng) May 13, 2024
Commitment to Sustainability:
The Group is making significant progress in its sustainability journey, with investments in sustainable aviation fuel and efficiency initiatives.
Future Outlook:
The Emirates Group is optimistic about the future, with strong demand for air travel and cargo services expected to continue.
The group is also well-positioned to benefit from the expansion of Dubai World Central.
