Emirates airline posts record $4.7 billion profit on soaring travel demand

Emirates, the world’s largest long-haul airline, has posted a record annual profit after expanding its route network and ramping up capacity to meet a continued streak of strong global travel demand.

The airline posted a profit of Dh17.2 billion ($4.7 billion) in its financial year that ended on March 31, up 63 per cent from Dh10.6 billion profitin the previous year, Emirates said on Monday.

Revenue jumped by 13 per cent on an annual basis to Dh121.2 billion 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.”

The Emirates Group also announced a Dh4 billion dividend for its shareholder, the Dubai government.

The airline’s financial performance comes amid a rebound in international travel after the Covid-19 pandemic.

Dubai recorded an 11 per cent 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.

The airline’s profit comes despite a challenging operating environment for airlines, including high fuel prices, economic uncertainty and the Israel-Gaza war that has continued for more than seven months.

Emirates Group, which includes global airport services company Dnata, posted a record profit of Dh18.7 billion, a jump of 71 per cent year on year.

Updated: May 13, 2024, 6:25 AM