Emirates, the world’s largest long-haul airline, is in a strong position for future growth after it posted a record annual profit by expanding its route network and increasing capacity to meet strong global travel demand.
The airline is optimistic about demand remaining strong in the coming months, while it will monitor costs, fuel prices and the efforts of sociopolitical changes, it said on Monday.
Emirates posted a profit of Dh17.2 billion ($4.7 billion) in its financial year that ended on March 31, 2024 up 63% from Dh10.6 billion profit in the previous year, driven by a voracious appetite for travel across customer segments, it said.
Revenue jumped by 13% on an annual basis to Dh121.2 billion, despite the impact of currency fluctuations, as the airline carried more passengers during the year.
“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,” Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and Group, said.
“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,” he added.
The Emirates Group also announced a Dh4 billion dividend for its owner, the Investment Corporation of Dubai.
The airline’s financial performance comes amid a rebound in international travel after the Covid-19 pandemic.
Dubai recorded an 11% increase in tourist numbers from January to March this year as the emirate continued to benefit from a rebound in global travel demand.
The city hosted 5.18 million international overnight visitors in the first quarter of 2024, compared with 4.67 million tourist arrivals during the same period a year earlier, according to data published by the Dubai Department of Economy and Tourism on May 6.
Dubai is building a new passenger terminal at Al Maktoum International – the emirate’s second airport also known as Dubai World Central – as its main hub, Dubai International, inches closer to full capacity.
Emirates said it carried 51.9 million passengers, 19% more than the previous financial year, while its seat capacity increased by 21%.
Passenger seat factor, a measure of how well an airline fills available seats, rose to 79.9%, compared with 79.5% in its last financial year.
The airline restarted services to Tokyo Haneda airport, added capacity to 29 destinations and launched new daily flights to Montreal, Canada.
Emirates also signed new codeshare and interline agreements with 11 airlines, further extending its network’s reach.
As of March 31, its network spanned 151 destinations, including 10 cities served by its freighter fleet only.
