Emirates Group Achieves Record Financial Performance for 2023-24

The Emirates Group has announced its financial results for the 2023-24 fiscal year (ending March), with profits, revenue, and cash assets reaching a total of AED 16 billion (USD 5.1 billion), a 71% increase compared to the previous year. The CEO, Sheikh Ahmed bin Saeed Al Maktoum, celebrated these exceptional results in a tweet.

"Emirates Airlines... a 39-year saga that has revolutionized the aviation world. This year, its annual revenue has soared to AED 137 billion," emphasized Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, as well as Ruler of Dubai.

Recall that during the 2022-23 fiscal year, the group had already recorded a record profit of USD 3 billion after navigating two challenging years of the COVID-19 crisis.

During the 2023-24 fiscal year, the group invested USD 2.4 billion in new aircraft, infrastructure, equipment, and cutting-edge technologies to support its ambitious growth projects, as stated in its press release.

Emirates Airline alone achieved a profit of USD 4.7 billion, a 63% increase compared to the previous year. Notably, the group also owns Dnata, a Dubai-based airport services company, one of the busiest airport hubs in the world.

Furthermore, plans for the new passenger terminal at Al Maktoum International Airport have been approved. This terminal, part of the Dubai Aviation Corporation's strategy, is estimated to cost around USD 35 billion. It will feature 400 gates and five parallel runways, and is expected to gradually replace Dubai International Airport's operations over the next decade. Ultimately, it will offer "the world's largest capacity," capable of handling up to 260 million passengers, five times more than the current Dubai International Airport, which is already a global leader in international passenger traffic.