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Record profits of $4.7 billion for Emirates in 2023

Robert Besser
15 May 2024

DUBAI, The UAE: After the COVID-19 pandemic disrupted its operations, Dubai-based long-haul carrier Emirates announced record profits of US$4.7 billion in 2023.

Owned by the Dubai government, the airline announced revenues of $33 billion, compared to $29.3 billion in 2022. Its profit in the previous year was $2.9 billion.

In its 2023 financial year, the airline carried 51.9 million passengers, compared with 43.6 million in the previous year.

In a statement, Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates, said, "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 wanted, we achieved tremendous results."

Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, lauded the airline's achievements.

On social platform X, Sheikh Mohammed stated, "It took off 39 years ago, and the world of aviation is no longer what it was before. What is coming will be more beautiful, greater, and better, Allah Almighty willing."

The Associated Press reported that Emirates declared a dividend worth $1 billion to its owner, the Investment Corporation of Dubai, the sheikhdom's sovereign wealth fund. It gave its over 112,000 employees 20 weeks of bonus pay.

The city-state provided Emirates with around $4 billion in a bailout at the height of the pandemic. The airline repaid $2.6 billion of that loan during the previous financial year.

In November, Emirates announced a deal worth $52 billion to purchase 90 Boeing 777 aircraft. It will also add five 787 Dreamliners to its previous order of 30 planes.

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