Emirates Group Achieves Record Profit Of AED 22.7 Bn (US$ 6.2 Bn) In 2024-25

Emirates Soars to AED 22.7 Bn Profit

The Emirates Group has released its Annual Report for 2024-25, highlighting unprecedented profit levels, EBITDA, revenue, and cash reserves. This performance establishes the Emirates Group as the world's most profitable aviation group for the 2024-25 period, with Emirates achieving its highest results ever, making it the globe’s most profitable airline.

Emirates and dnata reported record revenues in 2024-25, as the Group broadened its operations worldwide to satisfy growing customer demand for its premium products and services.

For the financial year ended 31 March 2025, the Emirates Group reported:

• record profit before tax of AED 22.7 billion (US$ 6.2 billion), up 18% from last year
• record revenue of AED 145.4 billion (US$ 39.6 billion), up 6% over last year’s results
• record level of cash assets at AED 53.4 billion (US$ 14.6 billion), up 13% from last year
• highest-ever EBITDA of AED 42.2 billion (US$ 11.5 billion), up 6%, demonstrating its strong operating profitability

Emirates earns its place as the world’s most profitable airline, reporting:

• record profit before tax of AED 21.2 billion (US$ 5.8 billion), up 20% from last year
• record revenue of AED 127.9 billion (US$ 34.9 billion), an increase of 6% over last year
• highest-ever level of cash assets at AED 49.7 billion (US$ 13.5 billion), 16% higher compared to 31 March 2024.  

dnata delivered solid growth and performance across its business units, reporting:

• record profit before tax of AED 1.6 billion (US$ 430 million), up 2% from last year
• record revenue of AED 21.1 billion (US$ 5.8 billion), up 10%
• strong cash assets of AED 3.7 billion (US$ 1.0 billion).

The Group declared a dividend of AED 6.0 billion (US$1.6 billion) to its owner, the Investment Corporation of Dubai (ICD). 

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% tax charge, the Group’s profit after tax is AED 20.5 billion (US$ 5.6 billion).

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata. Dubai’s aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners, and all the people of Dubai. 

“When the government set up Emirates 40 years ago and we began expanding dnata’s capabilities to support the city’s growth, we had a clear mission - be the best at what we do; and deliver value to Dubai, our stakeholders, and the communities we serve.

“With that in mind, we’ve kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and our customers, and we work hard to positively impact our communities. We don’t cut corners, and we don’t take shortcuts that put our future at risk for short term gains. By building our business models around these principles and Dubai’s unique strengths, the Emirates Group has thrived and stayed resilient through geo-political and socio-economic challenges over the years.”

HH Sheikh Ahmed added: “For 2024-25, the Emirates Group has raised the bar to set new records for profit, revenue, and cash assets. Through the year, Emirates and dnata were able to move quickly to meet the strong demand for air transport services across markets and win over customers - thanks to our non-stop investments in our people, in building partnerships, and in delivering great products and services.

“I’d like to thank our amazing people at the Emirates Group for achieving another record year, and our customers and partners for their trust and support. My gratitude to Dubai’s visionary leaders HH Sheikh Mohammed bin Rashid Al Maktoum, and his sons HH Sheikh Hamdan and HH Sheikh Maktoum, for their continued leadership and stewardship of Dubai’s strategy, in which the Emirates Group is proud to play a key role.”

In 2024-25, the Group collectively invested AED 14.0 billion (US$ 3.8 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 9% to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment worldwide to support its expanding operations and boost its future capabilities.

Sheikh Ahmed commented on the 2025-26 outlook: “We enter the year ahead with excitement and optimism. Our excellent financial standing enables us to continue building on and scaling up from our successful business models. While some markets are jittery about trade and travel restrictions, volatility is not new in our industry. We simply adapt and navigate around these challenges.  

“Emirates will strengthen our network connectivity with the expected delivery of 16 A350s and 4 Boeing 777 freighters in 2025-26, providing much-needed capacity to meet customer demand. Our retrofit programme will continue apace to provide our customers the latest Emirates products and a more consistent experience across our A380, 777 and A350 fleet.

“dnata is on a steady growth path with facility investments coming to fruition in key markets, including the opening of new facilities in Amsterdam, Dubai and Erbil next year which will significantly expand our cargo handling capacity and capabilities.  

“Work is already underway at the new Al Maktoum International airport (DWC) and broader development around Dubai South. Our planning teams are working closely with Dubai airports and other entities to design and deliver the future of aviation and the best possible travel experiences. 

“We’ve set high targets for ourselves, but I am confident that our talented workforce and Dubai’s winning formula will empower the Emirates Group to forge an even brighter future, and deliver even more value to the people, cities and communities we serve.”   

Emirates performance

Emirates’ total passenger and cargo capacity grew 4% to 60.0 billion ATKMs in 2024-25, recovering to near pre-pandemic levels.

During the year, Emirates launched two new destinations - Bogotá and Madagascar; restarted flights to Phnom Penh, Lagos, Adelaide and Edinburgh; and strengthened services to 21 other destinations to meet rising demand. By 31 March, Emirates served 148 cities in 80 countries and territories. Emirates also grew its partnerships to 33 codeshares and 118 interline partners, providing customers smooth access to over 1,750 cities beyond its network.  

The first Airbus A350 aircraft joined Emirates’ fleet this year, adding capacity for the airline to serve customer demand with its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had four A350S in its fleet flying to Edinburgh, Ahmedabad, Bahrain, Colombo, Kuwait, and Mumbai.  

With ongoing delays in new aircraft deliveries, Emirates added 99 more aircraft to its retrofit programme, which will now see 219 aircraft undergo a full cabin refresh at a total investment of US$5.0 billion. At 31 March, Emirates’ order book had 314 aircraft pending delivery, including 61 A350S, 205 Boeing 777x, 35 787s, and 13 777Fs.

At the end of March, the total fleet count was 260 units, with an average fleet age of 10.7 years. 

By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 6% to AED 127.9 billion (US$34.9 billion). Currency fluctuations and devaluations in some of the airline’s major markets negatively impacted the airline’s profitability by AED 718 million (US$196 million).

Emirates saw a record operating cash flow of AED 40.8 billion (US$11.1 billion) in 2024-25, which reflects its strong commercial performance and enables the airline to grow its business going forward.

Total operating costs increased by 4% from the last financial year. Fuel and employee cost were the airline’s two biggest cost components in 2024-25, followed by cost of ownership (depreciation and amortisation). Fuel accounted for 31% of operating costs compared to 34% in 2023-24. The airline’s fuel bill decreased slightly to AED 32.6 billion (US$ 8.9 billion) compared to AED 34.2 billion (US$ 9.3 billion) the previous year, as lower average fuel price (down 10%), including hedging gains, offset a higher uplift of 5% from increased flying.

With robust appetite for travel across customer segments, the strength of its global network, and strong customer preference for its products, Emirates hit a new record profit after tax of AED 19.1 billion (US$ 5.2 billion), outstripping last year’s AED 17.2 billion (US$ 4.7 billion) result with an exceptional profit margin of 14.9%. This is the best performance in the airline’s history, and in the airline industry for the reporting year 2024-25.

Emirates carried 53.7 million passengers (up 3%) in 2024-25, with seat capacity up by 4%. The airline reports a Passenger Seat Factor of 78.9%, a marginal decline from 79.9% last year. Passenger yield remained consistent at 36.6 fils (10.0 US cents) per Revenue Passenger Kilometre (RPKM).  

Emirates continued to invest in delivering ever better customer experiences. In addition to a range of inflight service enhancements in 2024-25, Emirates invested AED 63 million in its lounge product, opening two new lounges at London Stansted and Jeddah to bring the total number of dedicated Emirates Lounges globally to 41; and renovated existing facilities in Bangkok and Paris. This is part of a long-standing strategy to provide premium customers with signature experiences at key stations across the network, not only at its hub. The airline also launched its Emirates Chauffeur-Drive Service to Riyadh, expanding this signature service to over 70 cities. 

Emirates World, its premium travel retail store, opened in 8 global cities at an investment of AED 34 million. It provides a bespoke environment for specialist consultants to serve more customers in person in their communities. 

Emirates SkyCargo delivered an outstanding year, carrying 2.3 million tonnes of goods around the world, up 7% from the previous year. The delivery of 2 new Boeing 777 freighters and 2 wet-leased 747 freighters unlocked capacity to serve surging demand for air transport.

Ably navigating the ongoing challenges in global logistics, the cargo division reported a solid revenue of AED 16.1 billion (US$ 4.4 billion), contributing 13% to Emirates’ total revenue. Cargo yield per Freight Tonne Kilometre (FTKM) increased by 10%, returning to pre-pandemic marketplace levels.  

This strong performance reflects Emirates SkyCargo’s ability to win customer preference and serve demand with its specialist logistics solutions, the power and connectivity of Emirates’ global network, Dubai’s world-class intermodal logistics capabilities, and the airline’s ongoing investments in digital technology, infrastructure, and tailored products.

During the year, Emirates added Copenhagen to its freighter network and signed an MoU with Astral Aviation to expand its African reach. Emirates Delivers, an e-commerce delivery solution, was launched in Saudi Arabia to connect local shoppers with online retailers in the US and UK. As part of its ongoing digitisation push, our cargo division launched eQuote, a digital ‘self-service’ touchpoint that enables customers in 75 countries to request and manage spot quotations anytime, anywhere. 

Emirates placed orders for 10 more Boeing 777Fs, a significant investment to strengthen its cargo division’s position at the centre of global trade and logistics. Emirates SkyCargo has 13 freighters on order and expects to operate a fleet of 21 freighters by December 2026.  

At the end of March, Emirates’ SkyCargo’s total freighter fleet stood at 10 Boeing 777Fs.

Under Emirates Group companies and subsidiaries, Emirates Flight Catering (EKFC) and MMI/Emirates Leisure Retail (ELR) reported notable results in 2024-25.

EKFC grew revenue from external customers by 11% to AED 1.1 billion (US$ 293 million), uplifting 15.4 million meals during 2024-25 for its 114 airline customers in Dubai. It committed AED 160 million to expand Linencraft’s facility to handle 400 tonnes of laundry daily by 2026, cementing its place as the region’s leading laundry services provider. EKFC also launched its gourmet B2C offering, Foodcraft, to consumers in the UAE. 

MMI/ELR posted solid results, with revenue growing 6% to AED 3.1 billion (US$847 million). During the year, both businesses saw strong customer demand across their portfolio and extended their footprint with F&B and retail stores opening in 22 new locations, including MMI’s first retail outlet in Sri Lanka.  

In 2024-25, Emirates successfully met all contractual obligations, including pre-delivery payments for aircraft and financing liabilities as they were due, thanks to a strong cash balance and operating cash flow. As of 31 March, our cash reserves stood at AED 49.7 billion.

Emirates has completely repaid its US$ 750 million Corporate Bond, which was issued in 2013 and had a 12-year term. This bond, listed on the Irish Stock Exchange, was the first senior unsecured amortising bond issued by an airline. The airline’s commitment to adhering to the payment schedule significantly bolsters its creditworthiness in global financial markets. 

Throughout the year, Emirates consistently utilized straightforward forward contracts to protect against Brent crude oil and refining margin fluctuations, while employing long-term interest rate hedges to lessen the effects of interest rate volatility. Given its substantial currency exposure from global operations, Emirates effectively managed foreign exchange rate risks with currency options, forward contracts, and natural hedges. This systematic strategy enhanced cash flow predictability amidst market volatility, thereby strengthening financial stability. In the 2024-25 period, the airline’s risk management program resulted in savings of AED 1.1 billion (US$ 287 million).

dnata performance

dnata increased its profit before tax by 2% to AED 1.6 billion (US$ 430 million) in 2024-25, with all business divisions reporting a solid performance, and notable contributions from its airport operations and catering and retail divisions.

dnata's total revenue increased by 10% to hit a new record of AED 21.1 billion (US$ 5.8 billion), driven by increased flight and travel activity worldwide, particularly in its major markets: Australia, Europe, the UAE, the UK, and the US.

dnata’s international businesses account for 75% of its revenue, unchanged from the previous year.

Expanding its capabilities and capacity to meet customer needs and its future growth ambitions, Dnata’s investments in 2024-25 amounted to AED 579 million (US$158 million). Significant investments during the year included new electric and hybrid ground support equipment for its airport operations as part of its environmental strategy, new catering facilities in Australia, and new cargo facilities in the UAE.

In 2024-25, dnata’s operating costs increased by 10% to AED 19.7 billion (US$5.4 billion), in line with expanded operations in its Airport Operations, Catering and retail, and Travel divisions.

dnata’s cash balance declined by AED 468 million to AED 3.7 billion (US$1.0 billion), primarily due to dividend payments to its owner, ICD, plus the funding of investments and debt repayments. The business saw a positive operating cash flow of AED 2.7 billion (US$735 million) in 2024-25, reflecting substantial revenue improvements.

Revenue from dnata’s Airport Operations, including ground and cargo handling increased to AED 9.9 billion (US$ 2.7 billion).

The number of aircraft turns handled by dnata globally grew by 2% to 794,091, and cargo handled increased by 9% to 3.1 million tonnes, reflecting new contracts won and increased flight activity by dnata’s airline customers across markets.

This year, dnata’s Airport Operations division launched operations at Rome Fiumicino Airport, after it acquired the remaining 30% stake in Airport Handling to secure full ownership of the Italian ground services provider. Supporting nearly 70,000 flights annually for 22 airline customers, dnata’s new Rome operations nearly double its presence in Italy, including ground handling teams at two airports in Milan – Malpensa and Linate. During 2024-25, dnata also won a seven-year renewal of its operating licenses in Zürich and Brussels and added Raleigh-Durham International Airport to its international operations network.  

On the cargo front, dnata made significant investments to meet growing global demand. In Dubai, dnata Logistics broke ground on a 57,000 m² warehouse in Dubai South, a US$ 27 million investment that will support Dubai’s continued growth as a global logistics hub. In Zürich, dnata’s exclusive lease agreement will see it operate the airport authority’s new, advanced warehouse when it opens in early 2027.  

dnata’s Catering & Retail sector generated AED 7.1 billion (US$ 1.9 billion) in revenue, marking a 10% increase. The inflight catering division provided 114.0 million meals to airline partners, reflecting a 2% decrease compared to the previous year. In 2024-25, dnata streamlined and adjusted its service offerings to focus on key customer segments. Notable customer achievements during this period include: securing long-term contracts with Etihad Airways and British Airways in the USA, as well as extending the agreement for dnata to oversee Jordan Flight Catering Company Ltd, which offers high-quality culinary services to more than 30 airlines in Amman. 

Throughout the year, significant investments include a AU$ 17 million inflight catering center at the new Western Sydney International Airport and an expansion at Melbourne Airport aimed at increasing production capacity to 25 million meals per year. Both facilities are expected to open in 2026.  Revenue from dnata’s Travel Services division rose by 11%, reaching AED 3.9 billion (US$ 1.1 billion), buoyed by solid contributions from its UK travel operations and Imagine Cruising, its cruise holidays section.  Additionally, the total transaction value (TTV) of travel services sold climbed by 9% to AED 9.7 billion (US$ 2.6 billion), highlighting the division’s effectiveness in providing relevant B2B and B2C travel products across various customer segments worldwide.

In 2024-25, dnata’s travel division continued to expand its extensive portfolio of products and services to address the changing and varied needs of its customers. In the UAE, dnata Travel revamped its brand proposition and made significant online and offline investments, which included an improved booking experience on dnatatravel.com and a fresh, modern design for retail stores. Arabian Adventures unveiled new offerings to cater to the increasing number of visitors in the UAE, such as a premium private dining experience in collaboration with Veuve Clicquot and the inauguration of The Fort Lisaili, a new multi-experience desert destination in Dubai.

dnata Travel Management welcomed new corporate clients, and dnata Representation Services in Dubai finalized contracts as general sales agents with six prominent international airlines.  

Sustainability

Throughout 2024-25, the Group continued to invest in initiatives aimed at minimizing its environmental footprint, enhancing community involvement, and nurturing and recognizing its workforce. Emirates consistently seeks opportunities to incorporate Sustainable Aviation Fuel (SAF) wherever possible within its network. In 2024-25, the airline received its initial supplies of SAF at London Heathrow and Singapore. Additionally, Emirates became a member of Germany’s Aviation Initiative for Renewable Energy, which advocates for the advancement and utilization of renewable aviation fuel. Utilizing funds allocated for research in sustainable aviation solutions, Emirates collaborated with the Aviation Impact Accelerator at the University of Cambridge to aid their research on pathways to reduce emissions.  

Emirates initiated a significant solar energy project at the Emirates Engineering Centre in Dubai to fulfill 37% of the centre’s power needs. They have also become a strategic partner in the Dubai Reef project, focusing on marine conservation, joined the Move to -15°C global coalition to decrease energy usage in the frozen food supply chain, and were the first airline to include donkey hides on its wildlife embargo list following the African Union's ban on donkey slaughter.

Emirates launched “Aircrafted Kids," an initiative that innovatively upcycles seat fabric from its retrofit program into thousands of durable schoolbags. These bags are provided through NGOs to support underprivileged children worldwide in their education. Furthermore, Emirates donated 12,000 eyeshades to enhance teacher training programs in the UK, specifically targeting the blind and low-vision community. 

This year, dnata increased its fleet of electric and hybrid ground support equipment (GSE) at airports globally, introducing electric GPUs in Dubai, electric forklifts in Singapore, and electric tugs in São Paulo. Additionally, dnata trialled its inaugural 100% electric catering truck in Prague. The company also launched the ‘Station of Tomorrow’ at Orlando International Airport, showcasing a completely electric GSE fleet, and completed its first fully electric pushback operation in Australia.  

To reduce emissions in its non-electric vehicle fleet, dnata is dedicated to investigating alternative fuel options whenever feasible. In 2024-25, dnata adopted a biodiesel blend for all non-electric airside vehicles and ground service equipment (GSEs) in Dubai; launched a trial with ExxonMobil for renewable diesel (R20) in Singapore; and began using heavy goods vehicles at London Heathrow powered by 90% Hydrotreated Vegetable Oil (HVO). 

In 2024-25, the Group broadened its comprehensive range of employee development programs, training, rewards, recognition, and well-being initiatives. Key achievements feature the launch of Wejhaty, a cutting-edge hub for employee HR needs; a customized engagement space designed for our team community; an early careers initiative along with an international scholarship program for Emiratis; and an increase in basic salaries and allowances to address the escalating cost of living in the UAE and its global network.

More details of the Group’s environmental, social and governance initiatives can be found in the full 2024-25 Emirates Group Annual Report.