DUBAI- The Emirates (EK) has released its Annual Report for the fiscal year 2023-24, achieving unprecedented levels of profit, revenue, and cash balance.
Both Emirates and dnata witnessed substantial increases in profit and revenue during 2023-24, driven by the Group’s global expansion efforts to meet robust customer demand for its premium offerings.
Emirates Profit 2023-24
For the fiscal year ending on March 31, 2024, the Emirates Group recorded a record profit of AED 18.7 billion (US$ 5.1 billion), marking a remarkable 71% increase compared to the AED 10.9 billion (US$ 3.0 billion) profit of the previous year.
The Group’s revenue reached AED 137.3 billion (US$ 37.4 billion), reflecting a 15% growth over the previous year’s figures. Additionally, the Group’s cash balance stood at AED 47.1 billion (US$ 12.8 billion), the highest ever reported, representing an 11% increase from the previous year.
The combined profits of the Group for the past two years, totaling AED 29.6 billion, have exceeded the losses incurred during the pandemic period of 2020-2022, which amounted to AED 25.9 billion.
Executive Remarks
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, expressed,
“The Emirates Group has once again set a new benchmark by achieving a record-breaking performance. Throughout the year, we witnessed significant demand for air travel and related services globally. By swiftly responding to customer needs, we achieved remarkable outcomes. Our success is a result of years of continuous investment in our products and services, fostering robust partnerships, and nurturing the skills of our talented workforce.”
“We owe much of our success to the visionary leadership of the UAE, particularly His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Their guidance and the progressive policies of the nation have created an environment conducive to the flourishing of the Emirates Group. Both Emirates and dnata have developed successful business models capitalizing on Dubai’s unique advantages, thereby generating significant value for Dubai and the global communities they serve.”
HH Sheikh Ahmed emphasized, “The Group’s exceptional financial position today positions us strongly for future growth and success. It empowers us to make investments aimed at enhancing our products, services, and overall value for our customers and stakeholders.”
New Investments and Developments
Several significant projects are currently in progress, including a multibillion-dollar initiative for the renewal of aircraft fleets and cabins, the establishment of new catering, cargo, and ground handling capabilities, the implementation of advanced technologies to enhance operational efficiency, the expansion of training and personnel development programs, and the initiation of endeavors to advance the Group’s sustainability objectives.
During the fiscal year 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) in various areas such as new aircraft, infrastructure, equipment, acquisitions, and cutting-edge technologies to facilitate its expansion strategies.
The Group’s overall workforce expanded by 10% to reach 112,406 employees, marking its largest size ever. Emirates and Dnata engaged in extensive recruitment efforts worldwide to support the growth of their operations and fortify their future capabilities.
In the realm of sustainability, the Group made significant progress during the 2023-24 period, implementing numerous initiatives focusing on environmental conservation, employee welfare, customer satisfaction, and community engagement.
Environmental concerns were prominently addressed throughout the year, particularly as the UAE hosted COP28, the world’s largest conference on climate action, in Dubai.
Furthermore, in 2023-24, Emirates forged new supply agreements to procure sustainable aviation fuel (SAF) for the first time at its Dubai hub, as well as in Amsterdam and Singapore.
The airline conducted its inaugural A380 demonstration flight utilizing 100% SAF in one engine, gathering crucial data to support industry endeavors aimed at enabling widespread adoption of 100% SAF-powered flights in the future.
$200 Million Fund
Acknowledging the limited viable solutions available to airlines for significantly reducing carbon emissions, Emirates launched a US$ 200 million fund aimed at supporting research and development (R&D) projects focused on mitigating the impact of fossil fuels in commercial aviation.
Additionally, Emirates played a founding role in establishing Air-CRAFT, a UAE-based research consortium dedicated to renewable and advanced aviation fuels. Furthermore, the airline joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for various sectors, including aviation.
dnata continued its investment efforts by incorporating more electric and hybrid vehicles into its global fleet of ground support equipment (GSE). This included the addition of new baggage tractors, cargo loaders, and pushback tractors to its operations in the USA.
Moreover, dnata undertook initiatives to convert and refurbish diesel-powered GSEs in Italy to operate on Hydrogenated Vegetable Oil and electric power. In the UAE, businesses under Dnata, such as Dnata Logistics, Arabian Adventures, Alpha Flight Services, and City Sightseeing Worldwide, transitioned their landside vehicle fleets to biofuel.
During the year, dnata became the first integrated air services provider to achieve the International Air Transport Association’s environmental management (IEnvA) certification, demonstrating its commitment to sustainability across its UAE operations.
Meanwhile, Emirates attained IEnvA Stage One and the IEnvA Illegal Wildlife Trade module certifications for its contributions to environmental stewardship and efforts to combat wildlife trafficking.
The Group intensified its investments in people development by introducing a comprehensive program of learning and training opportunities for its workforce, in collaboration with leading universities and key industry partners. Additionally, a Gender Balance Council was established to advocate for and advance gender equality within the Group.
In its latest 2023-24 report, the Emirates Group expanded its Environmental, Social, and Governance (ESG) reporting and began adopting elements of the Global Reporting Initiative (GRI) standards.
The Group intends to further enhance its reporting practices to align with the International Sustainability Standards Board (ISSB) and Corporate Sustainability Reporting Directive (CSRD) requirements in the coming years.
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