UAE – Mubasher: The Emirates Group’s net profit soared 71% year-on-year (YoY) to AED 18.70 billion in the fiscal year (FY) 2023/2024 that ended on 31 March 2024, compared with AED 10.90 billion.

Revenue jumped 15% YoY to AED 137.30 billion in FY23/24, according to the Emirates News Agency (WAM).

Combined group profits for the last two years reached AED 29.60 billion, compared to a total loss of AED 25.90 billion in the 2020-2022 period.

Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, said: “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.”

“We enter our 24-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 24-25, adding to our fleet mix and supporting the next phase of its network growth,” Al Maktoum added.

He noted: “The Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport…This AED 128 billion ($35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.”

Earlier in May, Emirates signed memorandums of understanding (MoUs) to boost tourism in the UAE, Malaysia, and Türkiye.