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Emirates Group reports best-ever financial performance for 2023-24

04:53 PM | 14 May, 2024
Emirates Group reports best-ever financial performance for 2023-24

KARACHI - The Emirates Group has announced its best-ever financial performance for the fiscal year 2023-24, reporting a record profit of AED 18.7 billion (US$ 5.1 billion), a 71% increase from the previous year.

The Group's revenue rose by 15% to AED 150.3 billion (US$ 37.4 billion), driven by strong customer demand across its various businesses. The year concluded with the Group holding its highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion) and declaring a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).

Emirates airline reported a record profit of AED 17.2 billion (US$ 4.7 billion), up 63% from the previous year, with revenue increasing by 13% to AED 132.2 billion (US$ 33.0 billion). The airline saw a 20% increase in capacity, bringing it closer to pre-pandemic levels, and expanded its global network and partnerships. The airline also invested significantly in new aircraft, facilities, technology, and products to enhance its services.

dnata, the Group's airport services provider, reported a profit of AED 1.4 billion (US$ 0.4 billion), a substantial increase from the previous year's AED 900 million (US$ 90 million). Revenue for dnata rose by 29% to a record AED 19.2 billion (US$ 5.2 billion), reflecting increased flight and travel activity. The company expanded its customer portfolio, added new lounge facilities globally, and invested in new equipment and technologies to improve its operations.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of 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.”

The Emirates Group continued its focus on sustainability and environmental initiatives throughout 2023-24. Emirates signed new agreements to use sustainable aviation fuel and operated a demonstration flight using 100% SAF in one engine. dnata increased its fleet of electric and hybrid ground support equipment and implemented various eco-friendly initiatives. The Group also invested in people development and expanded its ESG reporting, positioning itself strongly for future growth and sustainability efforts.

Daily Pakistan Global Web Desk

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 May 2024

Pakistani currency rates against US Dollar and other currencies on May 28, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.25 for selling.

Euro stands at 298 for buying and 301 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal increased to 73.45.

Source: Forex Association of Pakistan. (last update 08:00 AM)

Currency Symbol Buying Selling
US Dollar USD 277.4 280.25
Euro EUR 298 301
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.25 75.9
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.03 748.03
Canadian Dollar CAD 203 205
China Yuan CNY 38.42 38.82
Danish Krone DKK 40.44 40.84
Hong Kong Dollar HKD 35.62 35.97
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 904.07 913.07
Malaysian Ringgit MYR 59.05 59.65
New Zealand Dollar NZD 170.03 172.03
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Bhat THB 7.6 7.75

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