Emirates to pay five months' salary as bonus to employees after record $5.1 billion profit

Dubai's Emirates Group announced annual profits of $5.1 billion on May 13, a rise of 71 percent, as the airline company set a new record for the second year in a row.

Citing strong customer demand, it said group profits for the past two years hit $8.1 billion, surpassing the losses seen during pandemic-hit 2020-2022.

"The Emirates Group has once again raised the bar to deliver a new record performance," Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

"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," Sheikh Ahmed said.

Emirates Group has announced a 20-week bonus for its employees following an exceptionally strong financial performance for the fiscal year.

With a workforce that has grown to a record high of 112,406 — an increase of 10 per cent from the previous year — both Emirates and dnata (both owned by the Emirates Group) have ramped up their global recruitment efforts. This expansion aims to enhance operational capacities and strengthen future capabilities across various sectors.

This impressive growth is complemented by a record revenue of Dh137.3 billion ($ 37.4 billion), up 15 percent driven by strong customer demand across its business divisions.

Emirates ended the year with its highest-ever cash balance of Dh47.1 billion ($12.8 billion) and declared a dividend of Dh4.0 billion ($1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).

Emirates alone reported a new record profit of Dh17.2 billion ($4.7 billion), up 63 percent from last year’s Dh10.6 billion ($2.9 billion). The airline's revenue rose 13 percent to Dh121.2 billion ($33.0 billion), as it deployed more capacity and continued to strengthen its global network and partnerships.

On the other hand, dnata also reported a significant financial uplift, with profits reaching Dh1.4 billion ($0.4 billion), a substantial increase from last year’s Dh331 million ($90 million). Its revenue increased by 29 percent to reach a new record of Dh19.2 billion ($5.2 billion).