Emirates Group posts new record of $5.1B in annual profit

Emirates Group posts new record of $5.1B in annual profit
# 13 May 2024 22:07 (UTC +04:00)

Dubai's Emirates Group, operator of the world's largest long-haul carrier, reported on May 13 annual profits of $5.1 billion for the financial year ending March, a rise of 71%, setting a new record for the second year in a row, APA reports.

Citing strong customer demand, it said group profits for the past two years hit $8.1 billion, surpassing the losses seen during pandemic-hit 2020-2022.

"The Emirates Group has once again raised the bar to deliver a new record performance," Chairperson and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

State-owned Emirates Group announced a record $3 billion in profits last year as it returned to the black after the COVID pandemic.

Emirates has now erased the $1.1 billion loss in 2021-2022 and the heavy $5.5 billion deficit a year earlier when it was forced to ground its fleet and lay off staff.

"The group's excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services and more value to our customers and stakeholders," Sheikh Ahmed said.

The airline business alone returned record profits of $4.7 billion, up 63%. Emirates Group also encompasses airport services company Dnata, whose profits more than quadrupled to $400 million.

The Emirates Group workforce grew 10% to a record 112,406 employees. The airline is also set to receive 10 new Airbus A350s from August but remains plagued by delays to Boeing's 777X, with 205 on order.

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