Announcements

Emirates Group reports best-ever financial performance with record profit of AED 18.7 billion

Published

10 months ago

May 14, 2024

The Emirates Group today released its 2023-24 Annual Report, hitting new record profit, revenue, and cash balance levels.

Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services.

For the financial year ended 31 March 2024, the Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED 47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.

Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “The Emirates Group has once again raised the bar to deliver a new record performance. Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results. We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.

“Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish. Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.”

HH Sheikh Ahmed added: “The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders.”

Many major projects are already underway, including: a multibillion-dollar aircraft fleet and cabin renewal programme; new catering, cargo, and ground handling capabilities; advanced technologies to support the Group’s operations; expanded training and people development programmes; and initiatives to progress the Group’s sustainability agenda.

In 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.

The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focussed on the environment, its people, customers, and communities.

Environmental topics were high on the agenda during the year, as the UAE hosted the world’s biggest conference for climate action, COP28, in Dubai.

In 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the very first time, and also in Amsterdam and Singapore. The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying.

Recognising that airlines today have the limited viable solutions to meaningfully reduce carbon emissions, Emirates established a US$ 200 million fund to support R&D projects that focus on reducing the impact of fossil fuels in commercial aviation. It also became a founding entity of Air-CRAFT, a UAE-based research consortium for renewable and advanced aviation fuels; and joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for a variety of sectors, including aviation.

dnata continued to invest and induct more electric and hybrid vehicles to its global fleet of ground support equipment (GSE), adding new baggage tractors, cargo loaders, and pushback tractors to its USA operations. It also converted and refurbished diesel-powered GSEs in Italy to run on Hydrogenated Vegetable Oil and electric power. dnata’s UAE businesses including dnata logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing Worldwide, transitioned to biofuel for its landside fleet of vehicles.

During the year, dnata became the first combined air services provider to receive the International Air Transport Association’s environmental management (IEnvA) certification for its commitment to sustainability across its UAE businesses; and Emirates 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 people development, rolling out a comprehensive programme of learning and training options for its workforce in partnership with top universities and key industry partners. A Gender Balance Council was established to champion and promote gender equality within the Group.

The Emirates Group has expanded its ESG reporting in its latest 2023-24 report and are adopting aspects of the GRI standards. It plans to evolve its reporting to meet ISSB and CSRD requirements in the coming years[1].

Sheikh Ahmed said: “We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth. dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities. In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve.”

“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months. As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations, and volatile environments caused by socio-political changes. Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.”

He added: “Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This AED 128 billion (US$ 35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.

Related Topics:#aviation #dnata #emiratesairlines #emiratesgroup #featured

Staff Reporter

Announcements

UAE corporate tax update: Penalty of Dh10,000 for businesses missing deadline

Published

4 hours ago

March 10, 2025

Michael Gomes

The UAE’s Federal Tax Authority (FTA) has reaffirmed the importance of Corporate Tax registration for all natural persons conducting business in the country. If your total turnover exceeds Dh1 million in the 2024 calendar year or any subsequent year, you are considered a Taxable Person and must register for Corporate Tax by March 31 of the following year to remain compliant.

Key Compliance Requirements:

Who Needs to Register? Any individual (natural person) conducting a business or business activity in the UAE whose turnover exceeds Dh1 million.
Deadline for Registration: March 31, 2025, for those exceeding the turnover threshold in 2024.
Corporate Tax Return Submission: Due by September 30, 2025.
Penalties for Non-Compliance: Failing to register by the deadline will result in an administrative penalty of Dh10,000.

Registration Process:

VAT or Excise Tax registrants can log into their EmaraTax account to submit their Corporate Tax registration.
Once approved, a corporate tax registration number will be issued.

Businesses in the country must register for corporate tax on time to avoid paying penalties.

(Source: Wam)

Announcements

RTA Unveils ‘360 Vision’ to redefine smart mobility in Dubai

Published

7 hours ago

March 10, 2025

Sudhashree Dash

Dubai’s Roads and Transport Authority (RTA) has launched the next-generation 360 Services Policy, aimed at enhancing customer experience by providing integrated, seamless, and proactive digital services without requiring in-person visits. As part of its ongoing digital transformation efforts, RTA is shifting its services to self-service models, enabling customers to access them smoothly via shared digital platforms, such as the “Dubai Now” app.

Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA, emphasised RTA’s commitment to developing a modern and smart service ecosystem that efficiently meets customer expectations. This drive aligns with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, to enhance the quality of life in Dubai, positioning it as the world’s best city to live in, and establish it as the smartest city globally.

Al Tayer also attributed the development of the policy to the continuous follow-up and guidance of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai. He highlighted RTA’s commitment to leveraging smart technologies to enhance its services and improve the customer experience. As a result, RTA has transformed its services into smart solutions accessible through various digital platforms, ensuring they are innovative, user-friendly, and easily accessible.

Al Tayer added: “RTA has completed Phase II of the ‘360 Services Policy,’ through which driver and vehicle licensing services had been transformed into fully digital, proactive, and integrated services. This phase, which accounts for 40% of RTA’s total services, has enhanced service efficiency, improved the customer experience, and raised the customer happiness index to 98.9%. It had also led to a 96% improvement in service accessibility, zero waiting time for 82 services, and the elimination of in-person visit requirements for 63 services. Additionally, service process steps had been reduced by 36%, while new digital options have expanded service availability by 61%. Digital adoption also surged to 96% in Q4 of 2024.

“In 2024, RTA collaborated with 32 partners from the public and private sectors to achieve service integration, leading to the enhancement of 71 services, which can now be accessed without prior requirements. RTA will embark on Phase III of the policy this year, which, according to the plan, will involve the development of all RTA services. This phase will further enhance the customer experience and contribute to achieving the targeted customer happiness indicators.”

( By- WAM)

Announcements

Dubai’s most expensive villa? Jumeirah Bay mansion fetches Dh330M

Published

3 days ago

March 7, 2025

Sudhashree Dash

Dubai’s luxury real estate market has hit another milestone with the record-breaking sale of a custom-built six-bedroom villa on Jumeirah Bay Island for Dh330 million. The transaction, facilitated by Dubai Sotheby’s International Realty, marks the highest-ever price for a home on the exclusive island, surpassing the previous record of Dh240.5 million.

Often dubbed ‘Billionaire’s Island,’ Jumeirah Bay is an ultra-exclusive enclave featuring just 128 plots, attracting elite buyers seeking privacy, rarity, and an unparalleled waterfront lifestyle. The recently sold villa occupies one of only three plots at the island’s tip and is the only one offering uninterrupted views of the Burj Khalifa and Downtown Dubai skyline.

Spanning 26,895 square feet, the villa is a masterpiece of design, encased in full-height glass walls and boasting soaring 13-metre-high ceilings. The residence is crafted with exquisite materials, including Taj Mahal Quartzite, Patagonian marble, and walnut wood veneer, exuding sophistication at every turn. A beachfront infinity pool and a private stretch of pristine white-sand beach further enhance its exclusivity.

Dubai Sotheby’s International Realty associate directors Regan Faulkner and Ioana Armeanu represented the seller in the landmark transaction.

“AED 330 million is more than just a figure—it’s a statement,” said George Azar, CEO and chairman of Dubai Sotheby’s International Realty. “The demand for properties of this caliber marks a shift where provenance and exclusivity hold more value than ever.”

This historic sale cements Jumeirah Bay Island’s status as a premier destination for ultra-luxury real estate, further driving demand for its limited and highly coveted properties.