Image credit: Dubai Media Office/Website
The Emirates Group today released its 2024-25 Annual Report, achieving new record profit, EBITDA (earnings before interest, taxes, depreciation, and amortisation), revenue, and cash balance levels.
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This outstanding performance places the Emirates Group as the most profitable aviation group globally in the 2024-25 reporting period, with Emirates reporting the best result in its history to become the world’s most profitable airline.
Strong performance from Emirates and dnata
Both Emirates and dnata contributed record revenues in 2024-25, as the Group expanded its operations around the world to meet voracious customer demand for its high-quality products and services.
The Group declares a dividend of Dhs 6.0 bn to its owner, the Investment Corporation of Dubai (ICD).
UAE corporate tax introduced
This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group’s profit after tax is Dhs 20.5 bn.
Visionary leadership and resilience
“It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata… [speech continues],” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.
Major investments to support growth
In 2024-25, the Group collectively invested Dhs 14.0 bn in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
Workforce expansion
The Group’s total workforce grew by 9 per cent to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment activity worldwide.
Outlook for 2025-26
Commenting on the outlook for 2025-26, Sheikh Ahmed said: “We enter the year ahead with excitement and optimism… [speech continues].”
Emirates Airline: Performance highlights
Emirates’ total passenger and cargo capacity grew 4 per cent to 60.0 bn ATKMs. The airline launched new routes, added aircraft, and increased frequencies across its network.
By 31 March, Emirates had 4 A350s in its fleet. Its retrofit programme will now cover 219 aircraft with a total investment of Dhs 18.4 bn.
Revenue increased 6 per cent to Dhs127.9bn. Currency fluctuations reduced profitability by Dhs71m.
Operating cash flow hit Dhs40.8bn. Operating costs rose 4 per cent. Fuel costs dropped to Dhs32.6bn, accounting for 31 per cent of costs.
Emirates’ record profit after tax was Dhs19.1bn, up from Dhs17.2bn in 2023-24.
Passenger numbers rose 3 per cent to 53.7 m, with a seat factor of 78.9 per cent. Passenger yield remained at 36.6 fils per RPKM.
Emirates SkyCargo delivers strong results
Emirates SkyCargo carried 2.3 m tonnes of goods, up 7 per cent. Revenue grew to Dhs 16.1 bn, contributing 13 per cent of total airline revenue.
Orders for 10 new Boeing 777Fs were placed, with a projected freighter fleet of 21 by December 2026.
Subsidiary highlights
Emirates Flight Catering grew external revenue by 11 per cent to Dhs 1.1 bn. MMI/ELR saw revenue rise 6 per cent to Dhs3.1bn.
Cash reserves reached Dhs49.7bn. Emirates repaid its Dhs 2.75 bn Corporate Bond issued in 2013.
Risk Management and hedging
The Group saved Dhs 1.1 bn through hedging strategies, including forward contracts for oil and currency options.
dnata delivers solid performance
dnata increased its profit before tax by 2 per cent to Dhs 1.6 bn. Revenue rose 10 per cent to a record Dhs 21.1 bn.
Investments totalled Dhs 579 m, including new equipment and facilities.
Operating costs increased 10 per cent to Dhs 19.7 bn. Cash balance declined to Dhs 3.7 bn.
dnata’s airport and cargo operations
dnata handled 794,091 aircraft turns and 3.1 m tonnes of cargo.
New operations began at Rome Fiumicino. The company also secured licenses in Zürich and Brussels.
Catering and travel services
Catering & Retail revenue hit Dhs 7.1 bn, despite a 2 per cent decline in meals uplifted. Investments in Sydney and Melbourne are underway.
Travel revenue rose 11 per cent to Dhs 3.9 bn. TTV increased by 9 per cent to Dhs 9.7 bn.
Sustainability initiatives
Emirates introduced SAF at Heathrow and Singapore and supported marine conservation and education efforts. “Aircrafted Kids” launched to support underprivileged children.
dnata expanded its electric GSE fleet and transitioned to alternative fuels across several markets.
Employee engagement
The Group expanded employee initiatives including Wejhaty HR hub, salary enhancements, and scholarships.
Full-year financial summary
Emirates Group
• Record profit before tax: Dhs22.7bn (up 18 per cent)
• Record revenue: Dhs145.4bn (up 6 per cent)
• Cash assets: Dhs53.4bn (up 13 per cent)
• Record EBITDA: Dhs42.2bn (up 6 per cent)
Emirates Airline
• Record profit before tax: Dhs21.2bn (up 20 per cent)
• Record revenue: Dhs127.9bn (up 6 per cent)
• Cash assets: Dhs49.7bn (up 16 per cent)
dnata
• Record profit before tax: Dhs1.6bn (up 2 per cent)
• Record revenue: Dhs21.1bn (up 10 per cent)
• Cash assets: Dhs3.7bn
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