Dubai: Emirates Group on Monday, May 13, announced its strong financial performance for the fiscal year 2023-24, achieving record levels in profit, revenue, and cash balance.
The group reported a 71 percent increase in total profit of Dirham 18.7 billion (Rs 4,25,24,66,28,180), compared to the last year’s Dirham 10.9 billion (Rs 2,47,82,50,30,497) profit.
The company’s revenue was Dirham 137.3 billion (Rs 31,21,68,59,34,609), an increase of 15 percent over last year’s results. Cash balance stood at Dirham 47.1 billion (Rs 10,71,01,16,13,768), the highest ever reported, up 11 percent from last year.
Emirates and Dnata experienced significant profit and revenue growth in 2023-24 due to global expansion and customer demand for high-quality products and services.
The group’s combined profits for the past two years, totaling Dirham 29.6 billion (Rs 6,73,07,73,62,368), have surpassed the pandemic losses of Dirham 25.9 billion (Rs 5,88,94,26,92,072) during 2020-2022.
Emirates and dnata experienced a 10 percent growth in their global workforce, reaching 112,406 employees, marking their largest ever size.
“The Emirates Group has once again raised the bar to deliver a new record performance,” Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group, said in a statement.
“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.”
The group has announced a 20-week bonus for its employees, recognizing its exceptional financial performance for the fiscal year.
Emirates airline hit new record
Emirates airline reported new record profit of 63 percent at Dirham 17.23 billion (Rs 3,91,79,46,94,378), comfortably beating the previous year’s Dirham 10.6 billion (Rs 2,41,03,44,60,848).
The airline experienced a 13 percent increase in revenue to Dirham 121.2 billion (Rs 27,55,97,89,29,696), due to increased capacity deployment and continued strengthening of its global network and partnerships.
It carried 51.9 million passengers in the year to March 31, with seat capacity up 21.4 percent.
