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Emirates Corporation Declares a Record $5.1 Billion in Yearly Earnings

Stock Emirates Airlines 18bd2a41134 medium

Dubai’s Emirates Group has reported yearly profits of $5.1 billion, a 71% increase, as the airline firm sets a new record for the second year in a row.

“The Emirates Group has once again raised the bar to deliver a new record performance,” said chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum in a statement released on Monday.

Citing strong client demand, it stated that group profits for the past two years were $8.1 billion, surpassing the losses incurred during the pandemic-hit 2020-2022.

Emirates has already reversed the $1.1 billion loss in 2021-2022, as well as the $5.5 billion deficit incurred a year ago when it was forced to ground its fleet and lay off employees.

“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.

Emirates Group also owns airport services provider Dnata, whose profits have more than doubled to $400 million.

“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months,” said Sheikh Ahmed, adding that possible threats included “volatile environments caused by socio-political changes”.

Last month, the emirate revealed that construction had begun on a new terminal at Al Maktoum on Dubai’s outskirts, which the Gulf emirate’s ruler claims will be “the world’s largest” at a cost of almost $35 billion and a passenger capacity of 260 million.

The first phase of the project is planned to be completed within ten years, with a capacity to accommodate 150 million passengers per year.

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