Dubai’s state-owned Emirates Group reported on Thursday a gross annual profit of $6.2 billion—its third consecutive record—underscoring robust customer demand even as the UAE’s newly enacted corporate tax trimmed net gains to $5.6 billion.
Chairman Sheikh Ahmed bin Saeed Al Maktoum hailed the results as “raising the bar” after revenues climbed 6 percent to $34.9 billion and pre-tax profit at Emirates airline itself jumped 20 percent to $5.8 billion. Dnata, the group’s ground-services arm, also posted a record $430 million pre-tax profit, a modest 2 percent increase.
To sustain growth, the group ploughed $3.8 billion into new aircraft, infrastructure and technology, while expanding its workforce by 9 percent to a record 121,223 employees. A further $5 billion is earmarked for retrofitting 219 aircraft—part of a wider effort to offset delays in new deliveries, which currently stand at 314 planes, including 61 A350s and 205 Boeing 777Xs.
Reflecting confidence in the carrier’s trajectory, Emirates Group declared a $1.6 billion dividend to its sole owner, the Investment Corporation of Dubai. The results come less than a year after the UAE introduced a federal corporate tax, marking the first full fiscal year of its application.
Despite the headwind of fresh taxation, Sheikh Ahmed said the group remained “focused on delivering exceptional service” and maintaining “financial discipline” as it prepares to absorb an increasingly competitive long-haul market. With its largest‐ever investment pipeline and buoyant passenger traffic, Emirates appears well positioned to navigate both regulatory change and evolving global travel trends.
