Emirates Announces Record-Breaking Results

Daniel Fowkes
13 May 2024
· Airlines 
An Emirates Airbus A380-800 - Photo: Anna Zvereva

Emirates has announced its group-wide results for 2023/24 with record performance across the group.

In a release, the company revealed revenues increased to a new high of USD 37.4 billion, which was up by 15%. The group largely cites the continuously increasing demand across multiple aspects of the business.

Meanwhile, the Emirates Group also ended the year with its highest-ever cash balance, USD 12.8 billion.

Dnata saw a profit of USD 400 million, representing another significant jump from the USD 90 million recorded one year prior. Meanwhile, the company revenue increased by 29% to see new records.

Emirates Performance Across 2023/24

Emirates increased its overall capacity by 20% to 57.7 billion ATKMs. Thanks to this increase, Emirates says it was able to successfully close the gap further than it recorded prior to the pandemic.

With capacity increases across the network alongside the signing of new meaningful partnerships, Emirates saw revenues rise 13% to USD 33 billion. Ultimately, Emirates saw record profits of USD 4.6 billion, up from USD 2.9 billion one year prior, a 63% jump year over year.

Across the financial year, Emirates saw the deployment of more services, such as new daily flights to Montreal, the resumption of service to Tokyo Haneda, and more. Capacity was added to 29 destinations, and interline and codeshare partnerships were signed with 11 new airlines.

The Airbus A380s continued reactivation and deployment was more than evident with the airline bringing its Premium Economy product to more aircraft. 16 further aircraft were rolled out from the ongoing cabin retrofit programme.

As of March 31, 2024, Emirates says its Airbus A380s serve 49 destinations around the world, and its Premium Economy experience is present in 15 cities.

Looking Ahead

2024/25 will mark one of the most critical periods for Emirates as it ventures into a new era of operations.

In September, the airline will deploy its latest aircraft, the Airbus A350, on service to Bahrain. The carrier expects to take delivery of 10 units between now and March 31, 2025, with these configured in three cabin classes.

An Emirates Airbus A350-900

Enhancing the fleet will support what the company describes as the next phase of its network and business growth.

Additionally, Emirates will continue expanding its route network by returning and adding new destinations from Dubai International.

Meanwhile, a continued focus will be placed on the multi-billion dollar retrofit programme. This programme will focus on upgrading existing aircraft’s interiors to align them with the inbound next-generation widebodies from Airbus and Boeing.

Emirates says it’ll also enter the next phase of expansion at Al Maktoum International Airport under the Dubai government’s wing, which will become the airline’s new home by 2034.

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