Emirates Group logs record profits of $5.1 billion

Dubai-based airline Emirates announced record annual profits of $5.1 billion (€4.73 billion) on Monday, surpassing last year's $3 billion profit and erasing 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.

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

"The Group's excellent financial standing today places us in a strong position for future growth and success," he said. "It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders."

Aviation upturn despite turmoil in Middle East region

The airline section of the state-owned Emirates Group is the largest long-haul carrier in the world, and the record profits come despite months of political turmoil in the Middle East since the outbreak of war between Israel and Hamas in October 2023.

Despite what he called "volatile environments caused by socio-political changes," Sheikh Ahmed insisted that "business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months."

The post-pandemic upswing has encouraged Dubai — one of seven emirates which make up the United Arab Emirates (UAE) — to expand its Al Maktoum International Airport.

Work began last month on a new terminal that is set to increase total airport capacity to 260 million passengers annually, challenging Qatar's Hamad International Airport in Doha as a major regional and global hub.

Meanwhile, Emirates Group's total workforce also grew by 10% to a record 112,406 employees. The airline will receive 10 new Airbus A350s in August and is waiting on delayed deliveries of Boeing aircrafts after the US aircraft manufacturer was rocked by safety issues.

mf/rm (AFP, AP)