Dubai-based Emirates Group Reports Record Annual Profit of $6.2 Billion
Emirates Group, the operator of the largest airline in the region, has announced a record annual gross profit of $6.2 billion, marking its third consecutive year of breaking profit records. Even after factoring in the UAE’s newly implemented corporate tax, the group’s net profit still stood strong at $5.6 billion.
Chairman Sheikh Ahmed bin Saeed Al Maktoum expressed pride in the company’s stellar performance, highlighting new highs in profit, revenue, and cash reserves. The group made substantial investments of $3.8 billion in aircraft, infrastructure, and technology to support future expansion.
The company’s workforce also saw growth, with a 9 percent increase, reaching a record 121,223 employees. A dividend of $1.6 billion was declared to its parent entity, the Investment Corporation of Dubai.
Emirates Airlines recorded a pre-tax profit of $5.8 billion, marking a 20 percent year-on-year increase, with total revenue up by 6 percent to $34.9 billion.
Additionally, Emirates’ ground services division, Dnata, achieved record performance with a pre-tax profit of $430 million, showing a 2 percent increase from the previous year.
The state-owned aviation group maintains its position as the world’s largest long-haul airline. With 314 aircraft on order as of March, including 61 Airbus A350s and 205 Boeing 777x planes, the group continues to expand its fleet. Furthermore, a $5 billion project is underway to retrofit 219 aircraft, mitigating delivery delays of new aircraft. Sheikh Ahmed emphasized the importance of retrofitting 90 percent of the airline’s fleet to ensure operational efficiency.
