DUBAI- The Emirates (EK) has released its yearly study for the fiscal year 2023-24, achieving unprecedented levels of profit, returnue, and cash balance.
Both Emirates and dnata witnessed crucial increases in profit and returnue during 2023-24, driven by the Group’s global expansion efforts to meet robust client request for its premium offers.
Photo: By byeangel from Tsingtao, China – A6-EDR | Emirates | Airbus A380-861 | ICN, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=40388040Emirates Profit 2023-24
For the fiscal year ending on March 31, 2024, the Emirates Group recorded a evidence profit of AED 18.7 billion (US$ 5.1 billion), Markang a remarkable 71% increase combined to the AED 10.9 billion (US$ 3.0 billion) profit of the erstwhile year.
The Group’s return reached AED 137.3 billion (US$ 37.5 billion), reflecting a 15% growth over the erstwhile year’s figures. Additional, the Group’s cash balance table at AED 47.1 billion (US$ 12.8 billion), the highest always reported, representing an 11% increase from the erstwhile year.
The combined profits of the Group for the past 2 years, totaling AED 29.6 billion, have exceeded the fates incurred during the pandemic period of 2020-2022, which amounted to AED 25.9 billion.
Photo: EmiratesExecutive Remarks
His Highness Sheikh Ahmed bin Saeed Al Maktoum, president and Chief Executive of Emirates Airline and Group, expressed,
“The Emirates Group has one more time set a fresh benchmark by acquiring a record-breaking performance. Through the year, we witnessed crucial request for air travel and related services globally. By Swiftly responding to client needs, we achieved remarkable outcomes. Our success is simply a consequence of years of continuous investment in our products and services, fostering robust partnerships, and continuing the skills of our talented workforce.”
“We these flies of our success to the visionary leadership of the UAE, partially 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 conducting to the flowing of the Emirates Group. Both Emirates and dnata have developed successful business models capitalizing on Dubai’s unique advantages, thereby generating crucial value for Dubai and the global communities they serve.”
HH Sheikh Ahmed emphasized, “The Group’s exclusive financial position present positions us powerfully for future growth and success. It empowers us to make investments aimed at enhancing our products, services, and overall value for our customers and stackers.”
Photo: CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=369335New Investments and Developments
Several crucial projects are presently in progress, including a multibillion-dollar initiative for the renewal of aircraft fleets and cabins, the establishment of fresh catering, cargo, and ground handling capacity, the implementation of advanced technologies to enhance operational efficiency, the expansion of training and individual improvement programs, and the initiative of employees 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 specified as fresh aircraft, infrastructure, equipment, acquisitions, and cutting-edge technologies to facilitate its expansion strategies.
The Group’s overall workforce expanded by 10% to scope 112,406 employees, markang its largest size ever. Emirates and Dnata engaged in extended recruitment efforts worldwide to support the growth of their operations and fortify their future capitalities.
In the reality of sustainability, the Group made crucial advancement during the 2023-24 period, implementing numerical initiatives focusing on environmental preservation, employer wellare, client satisfaction, and community engagement.
Environmental deals were prominently addressed through the year, partially as the UAE hosted COP28, the world’s largest conference on climate action, in Dubai.
Furthermore, in 2023-24, Emirates forged fresh supply agreements to procurement 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 1 engine, gaining cruel data to support manufacture enhancements aimed at unlocking widespread adoption of 100% SAF-powered flights in the future.
Photo: Emirates$200 Million Fund
Accepting the limited viable solutions available to airlines for importantly reducing carbon emissions, Emirates launched a US$200 million fund aimed at supporting investigation and improvement (R&D) projects focused on mything the impact offossil fuel in commercial aviation.
Additional, Emirates played a founding function in establishing Air-CRAFT, and UAE-based investigation consortium dedicated to renewable and advanced aviation fuel. Furthermore, the airline joined The Solent Cluster, and the UK initiated focus on producing low-carbon fuel for various sectors, including aviation.
dnata continued its investment beneficiaries by incorporating more electrical and hybrid vehicles into its global Fleet of ground support equipment (GSE). This included the addition of fresh baggage tractors, cargo loaders, and pushback tractors to its operations in the USA.
Moreover, bottom undertook initiatives to convert and refurbish diesel-powered GSEs in Italy to operate on Hydrogenated Vegetable Oil and electrical power. In the UAE, businesss under Dnata, specified as Dnata Logistics, Arabian Adventures, Alpha Flight Services, and City Sightseeing Worldwide, transitioned their landside vehicle fleets to biofuel.
During the year, the dnata became the first integrated air services supplier to accomplish the global Air Transport Association’s environmental management (IEnvA) certification, demonstrating its commitment to sustainability across its UAE operations.
Meanwhile, Emirates attained IEnvA phase 1 and the IEnvA Illegal Wildlife Trade module certifications for its contributions to environmental stewardship and effectivenesss to combat wildlife trafficking.
The Group intensified its investments in people improvement by introducing a comprehensive program of learning and training opportunities for its workforce, in collaboration with leading universities and key manufacture partners. Additionally, a sex Balance Council was established to advocate for and advance sex equality within the Group.
In its later 2023-24 report, the Emirates Group expanded its Environmental, Social, and Government (ESG) reporting and began adopting elements of the Global Reporting Initiative (GRI) standards.
The Group intends to further increase its reporting practices to allign with the global Sustainability Standards Board (ISSB) and Corporate Sustainability Reporting Directive (CSRD) requirements in the coming years.
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