Emirates Group Posts Record Profit, Leads Global Aviation

The Emirates Group has announced its best-ever financial performance for the fiscal year ending 31 March 2025, reporting a record profit before tax of AED 22.7 billion (US$ 6.2 billion), solidifying its position as the world’s most profitable aviation group. The Group’s 2024–25 Annual Report highlights a year of unprecedented achievement across its subsidiaries, with Emirates airline leading the charge and dnata contributing solid gains.

In a year marked by robust global travel demand, strategic expansion, and sustained investments, both Emirates and dnata reported record revenues. Emirates, in particular, earned the distinction of becoming the most profitable airline in the world, setting historic benchmarks across nearly every financial metric.

Key Financial Highlights – FY 2024–25

  • Emirates Group profit before tax: AED 22.7 billion (US$ 6.2 billion), up 18% YoY
  • Revenue: AED 145.4 billion (US$ 39.6 billion), a 6% increase from 2023–24
  • EBITDA: AED 42.2 billion (US$ 11.5 billion), up 6%
  • Cash assets: AED 53.4 billion (US$ 14.6 billion), up 13%
  • Declared dividend: AED 6.0 billion (US$ 1.6 billion) to Investment Corporation of Dubai

For the first time, the UAE’s corporate tax regime, introduced in 2023, impacted the Group’s bottom line. After accounting for the 9% tax charge, the Group’s profit after tax was AED 20.5 billion (US$ 5.6 billion).

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, remarked:
“Dubai’s aviation success story is a testament to visionary leadership, long-term planning, and a relentless focus on excellence. The record results in 2024–25 reflect our commitment to providing exceptional products and services while maintaining operational agility and financial prudence.”

He added: “The Emirates Group continues to play a pivotal role in advancing Dubai’s economic ambitions. Our investments in talent, infrastructure, and technology have not only enabled us to meet today’s demands but have also prepared us for tomorrow’s challenges.”

Strategic Investments Fuel Growth
The Group invested AED 14.0 billion (US$ 3.8 billion) in aircraft, facilities, equipment, companies, and advanced technologies during 2024–25 to support its long-term growth agenda.

Emirates Airline Highlights
Emirates airline reported stellar results, with:

  • Profit before tax: AED 21.2 billion (US$ 5.8 billion), up 20%
  • Revenue: AED 127.9 billion (US$ 34.9 billion), up 6%
  • Cash assets: AED 49.7 billion (US$ 13.5 billion), a 16% increase
  • Record net profit after tax: AED 19.1 billion (US$ 5.2 billion)
  • Operating cash flow: AED 40.8 billion (US$ 11.1 billion)
  • Passenger traffic: 53.7 million, up 3%
  • Passenger load factor: 78.9%
  • Cargo volume: 2.3 million tonnes, up 7%
  • Revenue from cargo: AED 16.1 billion (US$ 4.4 billion), up 10%

During the year, Emirates expanded its global reach to 148 destinations in 80 countries. It launched new routes to Bogotá and Madagascar and resumed services to Phnom Penh, Lagos, Adelaide, and Edinburgh. Emirates also added the Airbus A350 to its fleet, with four A350s deployed across six international destinations.

To further enhance passenger experience, Emirates expanded its Premium Economy offering and invested AED 63 million in lounges in London Stansted and Jeddah, bringing its global lounge count to 41. The airline also launched its signature Chauffeur-Drive service in Riyadh and opened eight Emirates World travel retail stores globally.

Its cargo division, Emirates SkyCargo, reported strong momentum, contributing 13% to the airline’s total revenue. The division added two Boeing 777 freighters and two wet-leased 747s to support capacity growth. It also signed strategic agreements, including one with Astral Aviation to expand cargo reach across Africa.

Emirates’ order book stood at 314 aircraft as of 31 March 2025, with significant investments made in fleet modernization, including a US$ 5.0 billion retrofit program that now covers 219 aircraft. Notably, the airline repaid its US$ 750 million corporate bond ahead of schedule, reinforcing its financial credibility in global markets.

dnata Delivers Across Divisions
dnata recorded strong results with:

  • Profit before tax: AED 1.6 billion (US$ 430 million), up 2%
  • Revenue: AED 21.1 billion (US$ 5.8 billion), up 10%
  • Cash assets: AED 3.7 billion (US$ 1.0 billion)
  • Operating cash flow: AED 2.7 billion (US$ 735 million)

dnata’s business units, including Airport Operations, Catering & Retail, and Travel Services, all reported strong performance:

Airport Operations

  • Revenue: AED 9.9 billion (US$ 2.7 billion)
  • Aircraft turns handled: 794,091, up 2%
  • Cargo volume: 3.1 million tonnes, up 9%
  • Strategic expansion: Launched operations in Rome, added Raleigh-Durham to its global footprint, and renewed contracts in Zurich and Brussels

Catering & Retail

  • Revenue: AED 7.1 billion (US$ 1.9 billion), up 10%
  • Meals served: 114 million
  • Major investments: AU$ 17 million catering center at Western Sydney Airport; expansion of Melbourne facility to 25 million meals annually
  • New partnerships: Etihad Airways and British Airways in the US, and Jordan Flight Catering

Travel Services

  • Revenue: AED 3.9 billion (US$ 1.1 billion), up 11%
  • Transaction value: AED 9.7 billion (US$ 2.6 billion)
  • Notable initiatives: Brand revamp of dnata Travel, new luxury desert destination “The Fort Lisaili,” and six new airline GSA agreements

Sustainability & Innovation
The Group continued its commitment to sustainability and innovation in 2024–25:

  • Emirates began using Sustainable Aviation Fuel (SAF) at London Heathrow and Singapore
  • A solar energy initiative was launched at Emirates Engineering, meeting 37% of its power demand
  • Emirates joined the “Move to -15°C” coalition to reduce energy usage in frozen food transport
  • Emirates launched “Aircrafted Kids,” creating upcycled schoolbags from refurbished aircraft seat fabric

dnata also expanded its electric ground service equipment fleet across Dubai, Singapore, São Paulo, and Prague, and began using renewable fuels like biodiesel and HVO in various markets.

Looking Ahead: 2025–26 and Beyond
HH Sheikh Ahmed expressed optimism for the future:
“We enter the new financial year with confidence. With 16 A350s and four Boeing 777 freighters scheduled for delivery in 2025–26, Emirates is poised to enhance its network and customer offering. dnata will continue expanding with new facilities in Amsterdam, Dubai, and Erbil.”

The Emirates Group is also actively collaborating with stakeholders on the development of the new Al Maktoum International Airport (DWC) and the broader Dubai South aviation hub, ensuring Dubai remains a global leader in air travel and logistics.

Workforce and Community Investment
The Group’s total workforce grew by 9% to reach a historic high of 121,223 employees worldwide. Numerous programs were implemented to improve employee well-being, development, and engagement, including a futuristic HR hub “Wejhaty,” international scholarships, and salary adjustments in line with rising living costs.

With unmatched profitability, expanding global operations, and steadfast commitment to customer experience and sustainability, the Emirates Group is well-positioned for continued growth. Backed by Dubai’s visionary leadership and powered by a talented global workforce, the Group is charting a bold course toward shaping the future of global aviation.