Dubai-based Emirates airline has posted its "highest ever profit", earning AED 17.2 billion (4.7 billion dollars) for the financial year ending 31 March 2024. This represents a substantial 63 percent increase over the profit reported for the previous year.
However, this trails the 6.1 billion dollars profit reported by rival Ethiopian Airlines, whose earnings jumped 20 percent for the 2022/23 fiscal year ending July 7, six months before Emirates' financial close.
Emirates' revenues grew by 13 percent to AED 121.2 billion (33 billion dollars). The airline expanded its global operations, with passenger numbers increasing 19 percent to a total of 51.9 million carried during the period. Ethiopian transported 13.7 million passengers and 723,000 tons of cargo during its last reporting fiscal year.
Addressing the outcome, Emirates Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum stated "the world saw high demand for air travel as restrictions eased." He said, "Because we were able to respond quickly to customer needs, we achieved tremendous results."
Key network expansions included restoring services to Tokyo Haneda and increasing frequencies to 29 destinations. New daily flights were launched to Montreal, Canada. Emirates' operations currently focus on 49 routes utilizing its flagship A380 aircraft.
Looking ahead, the airline's order book stands at 310 aircraft valued at 58 billion dollars following a major order placed at the 2023 Dubai Airshow. Fuel costs, while 34 percent of operating expenses, were lower on average despite increased flying.
Sheikh Ahmed believes "the outlook remains positive" but acknowledges the importance of cost control given economic headwinds such as "oil price volatility."