Emirates airline reports record $4.7B profit as Gulf competition heats up
The Dubai-based airline has posted strong performance figures in recent months.
Emirates airline reports record $4.7B profit as Gulf competition heats up
The Economics of Geography

Emirates airline reports record $4.7B profit as Gulf competition heats up

Photo: AFP/Charly Triballeau
Eurasia 17/05/2024 16:10

Emirates announced a record high profit for the fiscal year ending in April, marking a positive milestone as the gulf airline competition heats up. 

Emirates reported a profit of $4.7 billion for the 2023-2024 fiscal year, a 63% increase from $2.9 billion in the previous year, Al-Monitor reported. The Dubai-based airline attributed the performance to a 13% rise in revenue to $33 billion as the airline "continues to strengthen its global network and partnerships.” According to a press release from the airline, Emirates also noted a 20% capacity increase to 57.7 billion available ton kilometers, an industry measure that calculates the total tonnage available for carrying passengers and cargo multiplied by distance.

Emirates and airport services provider dnata together form Emirates Group. The provider reported a profit of $400 million, a more than fourfold increase from $90 million last year. Emirates Group likewise posted its best ever financial performance, with a record profit of $5.1 billion, up 71% from the year prior, according to the release.

The news comes as Emirates’ competitors are seeing a rebound. Last week, Etihad reported that its profits after tax for the first quarter of 2024 were $143 million, up from $59 million during the same time in 2023. In November, Qatar Airways Group said it achieved a net profit of $1.026 billion for the first half of the 2023-2024 fiscal year, an increase of 113.8% from the same period the year prior.

Competition among Gulf airlines is heating up with the launch of Riyadh Air, a Saudi airline that plans to take to the skies in 2025.
#Emirates
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