Emirates Group posted significant profits in its full-year results announcement published on May 13, with $5,1 billion (R93,4 billion) – a huge 71% increase compared with its results a year ago.
The airline’s group revenue registered a new record of $37,4 billion (R684,9 billion), a 15% increase from last year.
“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,” commented Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates.
Emirates attributes its performance to strong customer demand and progressive policies in Dubai, which have left the airline in the black with a cash balance of $12,8 billion (R234,4 billion). This will support the carrier’s investments in its people, the development of its products and services, as well as new aircraft, equipment, facilities, and technology.
During the 2023-24 period, Emirates as a group invested $2,4 billion (R43,95 billion) in its operation. It has also launched a $200 million (R3,6 billion) fund to channel efforts into research and development that is aimed at ultimately reducing the impact of fossil fuels within the aviation sector.
Meanwhile, Emirates’ workforce grew by 10% to 112 406 staff, the highest number of employees in the carrier’s history. The carrier works closely with the Dubai National Air Travel Agency (dnata) on several areas such as recruitment and ground-handling.
“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,” said Bin Saeed Al Maktoum.
Emirates has added capacity to 29 destinations to its network over the past year. As of March 31, the airline's network comprised 151 destinations across six continents, including 10 cities served by its freight fleet. The airline currently operates 260 aircraft across its entire fleet.
