Emirates Group’s record profit for FY24 translates to 5-month bonus pay for employees in May

Emirates Group, the flagship enterprise of the Government of Dubai, is about to make its employees extraordinarily completely happy on the finish of May 2024. Soaring with a bumper group income of AED 137 billion (USD 37.4 billion) and a profit of AED 18.7 billion (USD 5 billion), the group is reportedly giving its employees a large bonus price 20 weeks’ wage — that’s, 5 months’ pay — that shall be credited with their salaries on the finish of May. About 92 per cent of the Emirates Group’s profit got here from Emirates airline.

Congratulating the Emirates Group, of which the most important operation is Emirates airline, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Minister of Defence, and Ruler of Dubai, wrote on X: “Emirates Airlines… a narrative of problem. It took off 39 years in the past, and the world of aviation is not what it was earlier than… The firm skilled challenges… and tailored to the circumstances… and contributed to the success of Dubai and the Emirates, financial, tourism and growth, linking it with lots of of cities on the 5 continents of the world, and in the present day its whole revenue reaches in one 12 months, 137 billion dirhams.”

The Ruler of Dubai added in his publish: “Our thanks to the work group, led by Sheikh Ahmed bin Saeed… and our appreciation to everybody who was with us by means of 4 a long time of labor and flight that didn’t cease… and what’s coming shall be extra lovely, higher and higher, God prepared.”

The Emirates Group, whereas saying its FY2023-24 outcomes this week, reported its “best-ever monetary efficiency with record profit of AED 18.7 billion (USD 5.1 billion), up 71 per cent from final 12 months, record income, and record stage of money property”.

It mentioned: “Group income elevated 15 per cent to a brand new excessive of AED 137.3 billion (USD 37.4 billion), pushed by robust buyer demand throughout its companies.

“[The Group] ends 12 months with highest-ever money stability of AED 47.1 billion (USD 12.8 billion).

“The Group declares a dividend of AED 4 billion (USD 1.1 billion) to its proprietor, the Investment Corporation of Dubai (ICD).

“The chairman credit [this] record efficiency to Dubai’s progressive insurance policies, says income allow additional investments in new plane, amenities and tools, expertise, services and products, and its folks.”

According to the media launch on the FY24 outcomes: “Both Emirates [airline] and [airport services agency] dnata noticed vital profit and income will increase in 2023-24, because the Group expanded its operations around the globe to meet robust buyer demand for its high-quality services and products.”

Like all different aviation-related companies in the world, the Emirates Group had been hit by the pandemic, too, however robust performances in FY23 and FY24 have seen these losses worn out.

This week’s Emirates media launch mentioned: “Combined Group income for the final 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion throughout 2020-2022.”

● Emirates airline: Driven by the urge for food for journey throughout buyer segments and the power of its world community, Emirates airline hit a brand new record profit of AED 17.2 billion (USD 4.7 billion) exceeding final 12 months’s AED 10.6 billion (USD 2.9 billion) outcome, with an distinctive profit margin of 14.2 per cent, making it the very best efficiency in the airline’s historical past.

● dnata: The Group’s airport companies company dnata elevated its profit by 330 per cent to AED 1.4 billion (USD 387 million) in 2023-24, reporting strong outcomes throughout its enterprise divisions. Total income for dnata elevated by 29 per cent to hit a brand new record of AED 19.2 billion (USD 5.2 billion), pushed by elevated flight and journey exercise internationally.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, mentioned, “The Emirates Group has as soon as once more raised the bar to ship a brand new record efficiency. Throughout the 12 months, we noticed excessive demand for air transport and travel-related companies around the globe, and since we have been ready to transfer shortly to ship what prospects need, we achieved great outcomes.

“We are reaping the advantage of years of continuous investments in our services and products, in constructing robust partnerships, and in the capabilities of our gifted folks.

“Huge credit score can be due to the UAE’s visionary leaders, particularly HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their management and the nation’s progressive insurance policies that the Emirates Group is ready to flourish.

“Both Emirates and dnata have cast profitable enterprise fashions leveraging Dubai’s distinctive benefits, in flip producing huge worth for Dubai and the communities they serve around the globe.”

The CEO mentioned: “The Emirates Group’s wonderful monetary standing in the present day locations us in a powerful place for future development and success. It permits us to make investments to ship even higher merchandise, companies, and extra worth to our prospects and stakeholders.”

Emirates Group highlights of 2023-24

• In 2023-24, the Emirates Group collectively invested AED 8.8 billion (USD 2.4 billion) in new plane, amenities, tools, corporations, and the newest applied sciences to help its development plans.
• The Emirates Group’s whole workforce grew by 10 per cent to 112,406 employees, its largest measurement ever, as Emirates and dnata continued recruitment exercise around the globe to help its increasing operations and bolster its future capabilities.
• The Emirates Group made vital strides in its sustainability journey throughout 2023-24, placing into motion quite a few initiatives targeted on the setting, its folks, prospects, and communities.
• Environmental matters have been excessive on the agenda in the course of the 12 months, because the UAE hosted the world’s greatest convention for local weather motion, COP28, in Dubai.
• In 2023-24, Emirates airline signed new provide agreements to uplift sustainable aviation gasoline (SAF) at its Dubai hub for the very first time, and in addition in Amsterdam and Singapore. The airline operated the primary A380 demonstration flight utilizing 100 per cent SAF in one engine, gathering information to help trade efforts to allow a way forward for 100 per cent SAF flying.
• Emirates airline established a USD 200 million fund to help R&D tasks that target decreasing the affect of fossil fuels in industrial aviation. It additionally turned a founding entity of Air-CRAFT, a UAE-based analysis consortium for renewable and superior aviation fuels; and joined The Solent Cluster, a UK initiative targeted on producing low-carbon fuels for quite a lot of sectors, together with aviation.
• The Emirates Group’s airport companies company dnata continued to make investments and induct extra electrical and hybrid automobiles to its world fleet of floor help tools (GSE), including new baggage tractors, cargo loaders, and pushback tractors to its USA operations.
• It additionally transformed and refurbished diesel-powered GSEs in Italy to run on Hydrogenated Vegetable Oil and electrical energy. dnata’s UAE companies, together with dnata logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing Worldwide, transitioned to biofuel for its landside fleet of automobiles.
• During the 12 months, dnata turned the primary mixed air companies supplier to obtain the International Air Transport Association’s environmental administration (IEnvA) certification for its dedication to sustainability throughout its UAE companies; and Emirates airline achieved IEnvA Stage One and the IEnvA Illegal Wildlife Trade module certifications, for its efforts in environmental stewardship and anti-wildlife trafficking.
• The Group ramped up investments in folks growth, rolling out a complete programme of studying and coaching choices for its workforce, in partnership with prime universities and key trade companions. A Gender Balance Council was established to champion and promote gender equality inside the Group.

Emirates Group outlook for 2024-25

Sheikh Ahmed bin Saeed mentioned, “We enter our 2024-25 monetary 12 months on robust foundations for continued development. Emirates will obtain supply of 10 new A350 plane in 2024-25, including to our fleet combine and supporting the subsequent section of its community development.

“dnata will proceed to leverage synergies and scale throughout its enterprise divisions to develop its footprint and capabilities.

“In tandem, we’re investing sources to minimise our environmental affect, develop our folks, take care of our prospects and the communities we serve.”

He mentioned, “The enterprise outlook is optimistic, and we anticipate buyer demand for air transport and journey to stay robust in the approaching months. As all the time, we’ll maintain a detailed watch on prices and exterior components similar to oil costs, forex fluctuations, and risky environments brought on by socio-political adjustments.

“Our enterprise mannequin has been examined earlier than, and I’m assured in our resilience and talent to reply shortly to alternatives and challenges.”

Referring to the reported plans of Emirates airline to shift its operations from the Dubai International Airport, the CEO mentioned, “Looking additional forward, the Dubai Government has introduced plans to begin the subsequent section of growth at Al Maktoum International Airport, which can finally be the brand new hub for Emirates and dnata’s operations.”

He added, “This AED 128 billion (USD 35 billion) funding will considerably broaden and improve Dubai’s aviation and logistics infrastructure, supporting town’s development, and Emirates’ and dnata’s development.”