Emirates Group delivers record annual profit

• Surge in international travel
• Emirates cargo volume up 7%
• Lower fuel costs

Emirates Group, Dubai’s flagship aviation conglomerate, has posted record annual earnings on the back of a surge in international travel, rising cargo volumes and declining fuel costs.

The state-owned group, which includes long-haul carrier Emirates airline and global airport services provider Dnata, reported a profit of AED20.5 billion ($5.6 billion) for the financial year ending March 2025 – a 20 percent increase over the previous year. 

Total revenue climbed to more than AED145 billion, reflecting a recovery in global air travel and logistics, the company said in results published Thursday.

“We are the world’s most profitable aviation group and Emirates is the world’s most profitable airline in the 2024-25 reporting period,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates airline and Group.

The results come despite mounting geopolitical tensions, global trade friction and uncertainty surrounding newly announced tariffs under President Donald Trump. While acknowledging potential volatility, Sheikh Ahmed struck an optimistic tone.

“Some markets are jittery about trade and travel restrictions, but volatility is not new in our industry,” he said.

The group declared combined dividends of AED6 billion to its sole shareholder, the Investment Corporation of Dubai, as both airline and ground-handling operations delivered strong earnings.

The airline division posted pre-tax profits of AED21.2 billion ($5.7 billion), with revenue rising 6 percent to AED127.9 billion ($35 billion).

Emirates carried 53.7 million passengers during the financial year, with seat capacity up 4 percent as its network expanded to 148 destinations in 80 countries.

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A major contributor to the improved margins was a drop in fuel costs. Emirates’ fuel bill declined to AED32.6 billion from AED34.2 billion in the prior year, as average fuel prices fell 10 percent – offsetting a 5 percent increase in consumption due to higher flight activity and partially aided by hedging gains.

Emirates SkyCargo, the group’s freight division, saw cargo volumes grow 7 percent to 2.3 million tonnes, generating AED16.1 billion in revenue amid stabilising global supply chains and persistent demand for air freight.

Ground-handling and services arm dnata also booked a record pre-tax profit of AED1.6 billion, a 2 percent increase from the previous year.

Emirates is expected to take delivery of 16 Airbus A350s and four Boeing 777 freighters in the current financial year. The airline is also preparing to unveil a new aircraft order at the upcoming Dubai Airshow, Sheikh Ahmed alluded to earlier this month at the Arabian Travel Market.

“Future-proofing the business with major capital investment projects, new aircraft deliveries scheduled for the next decade and a superb team culture – the future looks just as promising as the past of the Group,” said John Grant, partner at Midas Aviation and columnist at AGBI.