Emirates airline posts record annual profit as travel demand booms

DUBAI, United Arab Emirates (AP) — Dubai-based airline Emirates on Monday reported a record annual profit of 17.2 billion dirhams ($4.7 billion) for the 2023-2024 fiscal yr, up 63% from a yr earlier.

The flagship airline of the UAE's glittering business capital is having fun with a gentle recovery within the travel sector and is expanding its route network to fulfill booming demand.

The world's largest long-haul airline's latest figures are one of the best in its history and are “driven by the insatiable desire to travel across all customer segments,” Emirates Group said in a press release.

Emirates carried 51.9 million passengers within the 2023/24 financial yr, up 19% year-on-year, with reported seating capability increasing by 21%.

“The airline's revenue increased by 13% to 121.2 billion dirhams and the airline's capacity increased by 20%,” it said [the] Gap to pre-pandemic levels,” the statement said.

“Throughout the year, we experienced high demand for air transportation and travel-related services globally, and because we were able to respond quickly to meet customers’ needs, we achieved tremendous results,” said Emirates Chairman and CEO Sheikh Ahmed am Saeed Al Maktoum.

“We benefit from years of continuous investment in our products and services, in building strong partnerships and in the skills of our talented people.”

Emirates Group, which incorporates aviation, air services and ground handling company dnata, achieved its best financial performance ever with a record profit of 18.7 billion dirhams, up 71% from last yr.

The company also closed the financial yr with its highest ever money balance of 47.1 billion dirhams and declared a dividend of 4 billion dirhams for its owner, the Investment Corporation of Dubai.

The airline has no plans to slow its expansion any time soon; it has greater than 300 passenger aircraft to order.

Dubai's leaders recently approved a multi-billion-dollar plan to construct a brand new passenger terminal on the emirate's Al Maktoum International Airport, making it five times larger in area than Dubai's foremost international airport – and the most important on this planet.