Emirates airline, based in Dubai, has announced a record annual profit of 17.2 billion dirhams ($4.7 billion) for the financial year 2023-2024. This marks a significant increase of 63% from the previous year, indicating a strong financial performance. The airline, known as the flag carrier of the UAE, has capitalized on the recovering travel sector by expanding its route network to meet the growing demand. The impressive figures reported by the world’s largest long-haul airline highlight the company’s success in catering to the voracious appetite for travel across various customer segments.
Emirates airline reported carrying 51.9 million passengers in the 2023-24 financial year, which represents a substantial 19% increase from the previous year. Additionally, the reported seat capacity saw a significant rise of 21%, indicating the airline’s ability to accommodate the growing number of travelers. The revenue for the airline also witnessed a notable 13% increase, reaching 121.2 billion dirhams. This growth in passenger numbers and revenue reflects the airline’s success in meeting the high demand for air transport and travel-related services worldwide.
The Emirates Group, comprising the airline and airline services, as well as the ground handling company dnata, reported its best-ever financial performance with a record profit of 18.7 billion dirhams, marking a 71% jump from the previous year. The group also ended the financial year with its highest-ever cash balance of 47.1 billion dirhams and declared a 4 billion dirham dividend for its owner, the Investment Corporation of Dubai. The airline’s ambitious expansion plans include over 300 passenger jets on order, indicating a commitment to future growth and development.
In line with its expansion strategy, Dubai’s leadership approved a multi-billion dollar plan to build a new passenger terminal at Al Maktoum International Airport, making it five times bigger than Dubai’s main international airport. This development project aims to enhance the airport’s capacity and establish it as the world’s largest airport in terms of size. The investment in infrastructure highlights the commitment to innovation and growth in the aviation sector, positioning Dubai as a key global hub for air travel and connectivity.
Emirates airline’s record annual profit and strong financial performance in 2023-2024 underscore its position as a leading player in the airline industry. The company’s focus on meeting customer demand, investing in products and services, and building strategic partnerships has yielded impressive results. With ambitious expansion plans and a commitment to innovation, Emirates is poised for continued growth and success in the aviation market.