Emirates Group Achieves Record Profits of $5.1 Billion

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Dubai-based Emirates Group announced record annual profits of $5.1 billion, marking a remarkable 71% increase from the previous year, driven by robust customer demand.

Dubai-based airline Emirates has announced record annual profits of $5.1 billion (€4.73 billion) on Monday. This surpasses last year's $3 billion profit and erases losses incurred during the pandemic.

Emirates Group's airline business alone returned $4.7 billion, up 63%, while its airport services company Dnata also saw profits more than quadruple to $400 million.

Chief Executive Sheikh Ahmed bin Saeed Al Maktoum stated, "The Emirates Group has once again raised the bar to deliver a new record performance." He added, "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."

The airline division of the state-owned Emirates Group stands as the largest long-haul carrier globally, achieving record profits despite ongoing political unrest in the Middle East, stemming from the conflict between Israel and Hamas since October 2023. Despite the challenges posed by these "volatile environments," Sheikh Ahmed remains optimistic about the business outlook, foreseeing continued strong demand for air travel in the coming months.

Moreover, the post-pandemic recovery has spurred Dubai, one of the UAE's seven emirates, to expand its Al Maktoum International Airport. Construction commenced recently on a new terminal aimed at boosting total airport capacity to 260 million passengers annually, positioning it as a significant regional and global hub, rivaling Qatar's Hamad International Airport in Doha.

In the meantime, the total workforce of Emirates Group has expanded by 10% to reach a new high of 112,406 employees. Scheduled for August, the airline anticipates the arrival of 10 new Airbus A350s, while it awaits delayed deliveries of Boeing aircraft following safety concerns surrounding the US manufacturer.