The Emirates Group has once again set new benchmarks in its financial achievements for the fiscal year 2023/2024, recording an extraordinary profit of AED 18.7 billion (US$ 5.1 billion) and an unprecedented revenue increase to AED 137.3 billion (US$ 37.4 billion). This outstanding performance is a direct reflection of Dubai’s dynamic advancements under its forward-thinking leadership.
In recognition of this phenomenal success, the group has declared a generous 20-week salary bonus for its devoted flight attendants and other employees. This reward vividly illustrates Emirates’ dedication to sharing its prosperity with those who contribute to its achievements. This announcement follows last year’s 24-week salary bonus, highlighting another year of remarkable financial health and employee appreciation.
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Celebrating Record-Breaking Success
The Emirates Group’s financial triumphs have reached new heights, with profits soaring to AED 18.7 billion (US$ 5.1 billion) — a staggering 71% increase over the previous year. Revenue growth wasn’t far behind, with a significant 15% jump, setting a new record at AED 137.3 billion (US$ 37.4 billion). The group also saw its cash balance surge to an all-time high of AED 47.1 billion (US$ 12.8 billion), establishing new standards of financial health and prosperity.
Dubai’s Visionary Leadership
The exceptional results of the financial year can largely be attributed to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler. His Excellency Sheikh Ahmed bin Saeed Al Maktoum, the Emirates Group’s Chairman and CEO, celebrates this success as a testament to the unfaltering support and progressive policies of the UAE’s leaders. Their visionary governance has been a crucial factor in Emirates’ continued success story.
With the windfall, Emirates Group has announced an investment of AED 8.8 billion (US$ 2.4 billion) in growth initiatives, encompassing the acquisition of new aircraft, the development of state-of-the-art facilities, and the adoption of cutting-edge technology and innovative services. The group’s team has now grown by 10%, with 112,406 employees, reflecting its largest employee strength to date.
Highlighting its commitment to sustainability and community engagement, the Emirates Group has continued its endeavors towards environmental conservation, enhancing employee welfare, ensuring customer satisfaction, and actively participating in community welfare.
Anticipating Future Horizons
Poised on the strong financial foundation laid in the past year, the Emirates Group is looking ahead with optimism, focusing on a fleet and cabin renewal program, boosting catering and cargo facilities, embedding advanced technologies, and enforcing broader sustainability protocols.
This strategy underscores the group’s robust business model and its agility in adapting to dynamic markets, setting the stage for a surge in demand for air transport and travel services. For Dubai’s residents and expats, this growth brings a promise of more innovative offerings and a reinforced commitment from one of the city’s flagship enterprises, solidifying Dubai’s position on the global map as a hub of progress and prosperity.