Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services. 

For the financial year ended 31 March 2024, the Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED 47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.   

Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022. 

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “The Emirates Group has once again raised the bar to deliver a new record performance. 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 want, we achieved tremendous results. We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.

“Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish. Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.”  

HH Sheikh Ahmed added: “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.”  

Many major projects are already underway, including: a multibillion-dollar aircraft fleet and cabin renewal programme; new catering, cargo, and ground handling capabilities; advanced technologies to support the Group’s operations; expanded training and people development programmes; and initiatives to progress the Group’s sustainability agenda. 

In 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans. 

The Group’s total workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities. 

The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focussed on the environment, its people, customers, and communities.

Environmental topics were high on the agenda during the year, as the UAE hosted the world’s biggest conference for climate action, COP28, in Dubai.

In 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the very first time, and also in Amsterdam and Singapore. The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying. 

Recognising that airlines today have the limited viable solutions to meaningfully reduce carbon emissions, Emirates established a US$ 200 million fund to support R&D projects that focus on reducing the impact of fossil fuels in commercial aviation. It also became a founding entity of Air-CRAFT, a UAE-based research consortium for renewable and advanced aviation fuels; and joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for a variety of sectors, including aviation.

dnata continued to invest and induct more electric and hybrid vehicles to its global fleet of ground support equipment (GSE), adding new baggage tractors, cargo loaders, and pushback tractors to its USA operations. It also converted and refurbished diesel-powered GSEs in Italy to run on Hydrogenated Vegetable Oil and electric power. dnata’s UAE businesses including dnata logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing Worldwide, transitioned to biofuel for its landside fleet of vehicles. 

During the year, dnata became the first combined air services provider to receive the International Air Transport Association’s environmental management (IEnvA) certification for its commitment to sustainability across its UAE businesses; and Emirates achieved IEnvA Stage One and the IEnvA Illegal Wildlife Trade module certifications, for its efforts in environmental stewardship and anti-wildlife trafficking. 

The Group ramped up investments in people development, rolling out a comprehensive programme of learning and training options for its workforce in partnership with top universities and key industry partners. A Gender Balance Council was established to champion and promote gender equality within the Group. 

The Emirates Group has expanded its ESG reporting in its latest 2023-24 report and are adopting aspects of the GRI standards. It plans to evolve its reporting to meet ISSB and CSRD requirements in the coming years. 

Sheikh Ahmed said: “We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth. dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities. In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve.” 

“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months. As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations, and volatile environments caused by socio-political changes. Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.” 

He added: “Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This AED 128 billion (US$ 35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.

Total revenue increased by AED 987 million (U.S.$ 269 million), from AED 4,752 million (U.S.$ 1,294 million) in Q1 2023 to AED 5,739 million (U.S.$ 1,563 million) in Q1 2024, reflecting an increase in network capacity and passenger numbers.

The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year. The average passenger load factor stands at 86 per cent for Q1 2024 and remains unchanged compared to the first quarter of last year. Revenue from cargo and other sources remained broadly stable over the same period. 

The airline continues to improve its operational efficiency with decreasing unit cost from the same quarter last year (CASK and CASK ex-fuel reduced by 9 per cent and 11 per cent, respectively). 

Antonoaldo Neves, chief executive officer of Etihad Airways, said: “We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey. We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency. 

“This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business. 

“Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi. I would like to extend my deepest thanks to all our employees whose hard work and dedication have been crucial in achieving these results.”

The publication and its editor were instructed to apologise to Paramount and Ichikowitz as well as retract and correct a number of the allegations one of which related to the existence of business links between Russia and Paramount, the global aerospace and technology company, and its founder, Ivor Ichikowitz. 

In mid-June of 2023, seven African nations participated in the Ukraine Peace Initiative and sent representatives, including several heads of state, to Kyiv and Moscow in an effort to de-escalate the war. 

Die Vrye Weekblad (VWB) made a series of false allegations and statements that were found to be in breach of various clauses of the Press Code. These included the following:

·      The allegation that the Ukraine Peace Mission was purportedly orchestrated by Ichikowitz who was termed as being a confidant of Russian President Vladimir Putin, when in fact no such relationship exists; 

·      Speculation that arms were allegedly loaded by Paramount onto a Russian ship that controversially docked in Simon's Town, South Africa. A subsequent investigation ordered by the President of South African found that no arms were loaded onto the ship;

·      The allegation that Paramount specialised in arms exports to and from Russia based on the existence of a transportation company in Russia, also named Paramount. Paramount has never supplied any military equipment to Russia; and 

·      The allegation that Paramount supplied arms to Russia through a joint venture in Kazakhstan, Kazakhstan Paramount Engineering. The company has never supplied any military equipment to Russia. 

Neither Paramount nor Ichikowitz was approached for comment or given the right of reply before publication.

Responding to the ruling, Paramount stated: “We welcome the landmark ruling by South Africa’s Press Council which sends a clear message about the boundaries of acceptable journalistic practices, which not only impact the parties involved but also society as a whole, reinforcing the crucial role of a free and responsible press in a democratic society. 

“By ordering the Vrye Weekblad to apologise, retract and correct its false statements, and requiring the media to verify speculative information and provide organisations and individuals with a right to reply before publication, the Press Council reaffirms the fundamental principles of accuracy, transparency, and balance in reporting. 

“The ruling not only safeguards the integrity of journalism but also upholds the rights of individuals and organisations to protect their reputation and ensure that accurate information is disseminated to the public.”

This was mainly due to the impact of foreign currency losses of KD 2.5 million. The total group revenue for this quarter was KD 46.4 million versus KD 48.3 million from Q1 2023. 

Jazeera Airways handled 1.2 million passengers in 1Q 2024, an increase of 4.2% or approximately 47k passengers more vs 1Q ‘23. Load factor was at 79.3% while Jazeera Airways’ network market share increased to 37.3% vs 36.1% in 1Q 23. The retail lease revenue for Terminal 5, owned and managed by the airline increased to KD 378k. Duty free business grew by 5.4% over 1Q ‘23 to KD 1.2 million.           

Marwan Boodai, Chairman, Jazeera Airways said: “Jazeera Airways, time and again, has demonstrated strong resilience through several unique situations. Last year, headwinds driven by overcapacity, combined with a tough regulatory, geopolitical, and regional landscape put pressure on our year end results. In 1Q 2024, our operations remained steady, yet we recorded a loss impacted by foreign currency fluctuations. However, by staying focused on controlling our operational costs and, nimble and agile to market conditions, we are well positioned to grow in summer and to navigate 2024.”

The company disclosed EUR 321M in revenues.

TAV Airports, a member of Groupe ADP, served 17.1 million passengers, with a 22% growth compared in the first quarter of the year. The international traffic of the group increased by 27%. This is reflected in financial results as the group increases its EBITDA by 97% to EUR 86M.

TAV Airports CEO Serkan Kaptan said: “Aided by a longer tourism season and the fleet growth strategies of airlines, we had a very strong first quarter in terms of passenger traffic. Our international passengers grew 27% year over year and total passengers grew 22%. Both Izmir and Ankara are enjoying a focus on domestic to international transfer passengers by Ajet, Pegasus and SunExpress.

The strength in our operations was fully reflected in our financial results. Revenue grew 28% and reached €321m. EBITDA grew 97% and reached €86m and net income turned to positive despite being in low season and came in at €9m.

Thus, we made a great start to the year and early booking data is also indicative of a robust summer season.

Our massive investment programme is progressing right on track as planned.  With this programme we have invested in Antalya, Almaty, Ankara in addition to our other airports and service businesses. Our Almaty investment is 94% complete and we plan to open the new terminal in June 2024. With the opening of the new terminal, we will see a dramatical increase in service quality and passenger experience in Almaty Airport. Our Antalya investment is 77% complete and we expect opening in the first quarter of 2025. Ankara is 42% complete and we expect to finalise in the last quarter of 2025. We will also participate in additional investments into Madinah Airport that will increase its capacity from eight million passengers per year to 18 million passengers per year in two phases.

As a result of our investment programme, our average concession duration which was 8 years in 2020 increased to 29 years in 2024. Including the acquisition price and upfront rents paid for Almaty, Antalya and Ankara and other investments we have made elsewhere in our assets, we will have invested around a massive sum of 2.5 billion euros by 2025. The size of our investment shows our commitment to and belief in the future of aviation.

As we approach the end of our programme we have started to reap the benefits of our investments. For 2024, we continue to expect an EBITDA between €430m - €490m. Within this context of increasing returns from our investments, our first mid-term goal is to go above the all-time high EBITDA we had recorded in 2018 -which was €573m. This goal is well within reach now.

We have built our global brand with the invaluable efforts of our employees and the inestimable support of our shareholders and business partners to whom I would like to express my deepest gratitude. Together, we will also make it possible to reach our mid-term goal of reaching a new all-time high EBITDA for TAV Airports fairly soon.”

The meeting chaired by RJ’s Board of Directors Chairman Said Darwazeh; was attended by Vice Chairman/CEO Samer Majali, RJ board members, Companies’ General Controller Deputy, representatives of the Government Investments Management Company, RJ accounts auditor Ernst and Young and some shareholders and RJ employees.

Addressing the shareholders, Darwazeh emphasised RJ's key role as Jordan's national carrier, underscoring its significance to the national economy and local air transportation sector. He expressed gratitude for the support received from the Royal family and the government, highlighting their contributions to RJ's sustained performance and growth, enabling the airline to fulfill its responsibilities as a driver of the national economy, an employer of choice, and a leading contributor to the local.

He added that the important achievements attained in 2023 were built on the progress already made by RJ in the course of its 60 years of history, time during which the airline has worked hard to earn the deserved appreciation and trust that it is capable of shouldering its responsibilities and carrying out its duties with professionalism and efficiency.  The airline, the flag carrier of the Hashemite Kingdom of Jordan, was capable to overcome several challenges and difficulties in the past years; the difficulties were compounded by the corona pandemic, the war on Gaza and geopolitical situation in the region. The resulting hardships made the company exert utmost efforts to maintain its prestigious position among competing airlines and continue to work according to international best practices.

Darwazeh said Royal Jordanian has proceeded with the largest investment decision in its history: to modernise and expand its fleet of narrow- and wide-bodied aircraft, which will number 41 by the end of 2028. He added that RJ is bound to reap the fruits of this investment, including improved services and the introduction of a new generation, fuel-efficient aircraft, while reducing operating costs and maximising passenger satisfaction. The modernisation plan includes the introduction of modern E2 regional jets, Airbus A320neo and Boeing 787-9 aircraft. As for the route network, the company intends to reach 60 international destinations; in 2023, RJ started operating new services to Bahrain, Algiers, Brussels, Stockholm and Düsseldorf.

Samer Majali said that in 2023, Royal Jordanian sought to achieve operational and financial growth, develop the company, and improve its performance indicators, as the financial results showed an increase in operating revenues by 20%, reaching JD733.3 million, compared to JD612.8 million in 2022. The passenger numbers transported by the company in 2023 increased by 18%. The increase originated mainly from the US, Europe and the Levant; Royal Jordanian fleet transported 3.6 million passengers, compared to 3 million passengers in 2022, which led to an increase in the seat load factor to 77.9%. Royal Jordanian achieved net profits of JD10.8 million during the first nine months of 2023, compared to a loss of JD71.6 million for the same period in 2022, with expectations at the time that this profit would grow by the end of 2023. However, the results of the fourth quarter of 2023 were greatly affected by the war on Gaza, which led to a decrease in the travel demand to Jordan and consequently a decrease in the company’s revenues in this quarter by about JD40 million than expected, resulting in a net loss in 2023 amounting to JD8.7 million compared to a net loss of JD78.9 million in 2022, thanks to the company’s efforts to reduce costs and control expenses to maintain the positive results and record performance that have been achieved.

Majali pointed out that Royal Jordanian completed the capital restructuring procedures during the fourth quarter of 2023, in line with the requirements of Article 266 of Companies Law No. 22 of 1997 and its amendments, by amortising JD201 million from the balance of accumulated losses and amortising the value of the mandatory reserve, and increasing the company’s capital by JD240 million (JD170 million by coming to own shares of the Jordan Airports Company, and JD70 million payments on the capital account).   

He added that the growth plan pursued by Royal Jordanian aims to maintain the company’s position as a leading airline in the region, and increase revenues through economic and operational activity, as well as through investment, including in the aviation support entities.

RJ acquired 100% of the capital of the Jordan Airline and Simulation Training (JATS) in 2023 and came to own 90% of the capital of the Jordan Airports Company in exchange for issuing shares to the Jordanian government (Government Investment Management Company), which will contribute to strengthening the relationship with the various supporting companies and their investment vision.

Royal Jordanian also said it looks forward to completing the project of modernising and expanding the air cargo warehouse, which will positively support its strategy to enhance Jordan’s position as the logistics hub and commercial gateway to this region. Cargo is considered an enabler of growth of the economy of the Kingdom, in general, and of the company, in particular, and a facilitator of the movement of goods between Jordan and countries of the world.

Majali said that Royal Jordanian is currently pursuing a strategy that supports national efforts aimed at promoting Jordan as a tourist destination. An important driver and enabler of RJ’s development is the Economic Modernisation Vision, which was launched by His Majesty King Abdullah, among whose objectives is “Destination Jordan” that heavily hinges on the tourism industry and holds significant potential since Jordan is known for the diversity of its religious, historical and ecological sites, as well as for its medical tourism. As the flag carrier of Jordan and a main driver of the tourism and freighting sectors, RJ has a significant contribution to the country’s GDP and to developing the Jordanian product on par with international standards and practices.

The objective is to meet increased aircraft production and anticipated future growth by developing new businesses, products and services.

The investment includes research and development activities for new technologies, such as those that will be used in eVTOLs (electric vertical take-off and landing vehicles), the expansion of aeronautical services, including the conversion of passenger aircraft into cargo aircraft, defence and security, efficiency improvement projects, and the expansion of industrial activities.

“Embraer begins a new phase of growth based on efficiency and innovation. We are focused on capturing our full potential in the different segments in which we operate towards more sustainable aviation,” said Francisco Gomes Neto, President and CEO of Embraer. “And through partnerships with the public and private sector, we are expanding sales, opening new markets and investing in new technologies, which makes it possible to increase the export of high-value-added products and create thousands of highly qualified jobs in Brazil.”

Around 90% of hires will occur throughout the year for the operations sector, with positions for mechanics, electricians, millers, molders, aircraft maintenance technicians, and quality technicians with experience, as well as opportunities for production trainees who undergo training and qualification processes with internal mentors. There are also opportunities for engineers and other administrative roles.

Last year, Embraer had already increased its workforce by 1,500 employees and returned to pre-pandemic employment level. The company currently has around 19,000 direct employees worldwide, of whom 88% are based in Brazil.

The resumption of Embraer's growth took place in 2023, when the company recorded a total revenue of USD$ 5.26 billion and achieved its best profitability in the last five years. During the period, 181 jets were delivered, a volume 13% higher than the previous year.

For 2024, Embraer estimates that it will be another year of growth with deliveries of between 72 and 80 commercial aircraft and between 125 and 135 executive jets. The expectation is to generate revenue between USD$6 billion and USD$6.4 billion.

According to Saudia's Q1 2024 performance report, the airline transported over 8.3 million guests across domestic and international destinations. This positive trend was supported by an 11% increase in scheduled and additional flights, totalling 46.8 thousand while flight hours climbed by 13% to 144.7 thousand. Additionally, Saudia maintained a commendable flight on-time performance of 89.3%.

On the international front, Saudia experienced robust growth, with the number of guests increasing by 25% to exceed 4.7 million. This growth was supported by a 13% increase in the number of international flights, totalling 20.9 thousand, and a 15% rise in flight hours, reaching 100.7 thousand, while international flight punctuality remained high at 86.5%. Domestic operations also showed solid growth, with an 11% increase in the number of guests, reaching 3.6 million, and a 9% rise in flight activity, totalling 25.9 thousand flights. Domestic flight hours increases by 9% to 44 thousand, while maintaining a strong on-time performance of 91.5%.

Ibrahim Al-Omar, Director General of Saudia Group, affirmed that the increase in flights and exceptional operational efficiency are cornerstones for the new era of Saudia, aligning perfectly with the objectives of the National Strategy for Transport and Logistics Services. The increase of 25% in international guests also reiterates Saudia’s strategy to bring the world to the Kingdom.

Executive Aviation showed robust delivery growth, soaring from eight to 18 jets during the period.

The number of deliveries was the highest 1Q of the last 8 years, and more than doubled YoY. Meanwhile, for Commercial Aviation, deliveries were flat YoY at 7 aircraft.

Embraer delivered 12% of the total number of aircraft implied by the mid-point of the current year guidance for both Executive and Commercial Aviation (25 out of 206).

The company has developed, and it is currently implementing, a plan to mitigate its business seasonality. The Production Levelling plan main objective is to have a stable production pace throughout the calendar year in the near to medium-term future.

The company’s backlog increased US$2.4 billion or 13% sequentially to US$21.1 billion in 1Q24, compared to a total backlog of US$18.7 billion in 4Q23. The biggest increase happened in Commercial Aviation (US$2.3 billion or 26%) while the smallest one was in Defense & Security (-US$0.1 billion or –4%).

Executive Aviation kept its sales momentum with sustained demand across its entire product portfolio and strong customer acceptance, in both retail and fleet markets.

The number of deliveries increased 83% YoY in the light jets segment, and more than tripled in the medium jets one compared to 1Q23. Consequently, Executive Aviation ended with a US$4.6 billion backlog in 1Q24, for a US$ 300 million sequential increase.

In Defence and Security, the first C-390 Millennium of the Hungarian Air Force successfully completed its maiden flight. The aircraft is now undergoing a mission systems integration test campaign, ahead of its entry into service.

Another important milestone in the quarter was the first Embraer Defense Day in the United States; an event during which the C-390 Millennium and the A-29 Super Tucano were showcased to government authorities, military officials, prospects, and partners at our facilities in Melbourne, Florida.

The C-390 selection by some countries in the EMEA and APAC regions has not yet been incorporated into the backlog, which represents a significant source of upside potential for the coming quarters. The Defense & Security backlog reached US$2.4 billion (-4% QoQ) in 1Q24.

Services & Support continues to be one of the main drivers of Embraer’s growth through a combination of operational excellence, customer experience, and innovative solutions. The business unit backlog finished the period sequentially flat at US$ 3.1 billion in 1Q24.

Commercial Aviation posted a US$11.1 billion backlog, or US$2.3 billion higher than in 4Q23. The highlight of the quarter was the deal with American Airlines for 90 E175s, with purchase rights for another 43 additional jets, to meet domestic demand in the United States. Also, Embraer delivered one E195-E2 to Azorra, which will fly under the Royal Jordanian flag.

Over the past four years, the airline has climbed six places to secure the 33rd position within the brand value ranking table, making Saudia the sixth fastest growing airline brand in 2024 with a value of USD$797.4 million.

According to the report, which is a review of the best performing and most valuable airline brands worldwide, Saudia improved its brand strength rating from A to A+, and now ranks the third most valuable Middle Eastern airline brand.

Saudia has experienced several defining moments and milestones in building its brand over the past year. The airline has expanded its route network, connecting Saudi Arabia with key destinations worldwide. It has enhanced its guest experience through improved services and amenities. Additionally, Saudia underwent a rebranding that focuses on digital transformation.

This substantial advancement underscores Saudia's unwavering commitment to providing its guests with best-in-class services while promoting its position as an industry leader in the aviation field.

Khaled Tash, chief marketing officer, Saudia Group, said: “We are extremely proud of the innovative strategies we have implemented to enhance our brand value and guest experience. Our remarkable ascent in the global rankings is not just a milestone for Saudia but also a reaffirmation of our growing prominence on the international aviation stage. Saudia’s cooperation with international brands and partners such as Newcastle United and Formula E, to name a few, allowed us to elevate the brand’s presence and introduce it to a wider global audience.

“As we play a crucial role in the kingdom’s economic transformation and the realisation of Vision 2030, we remain committed to sustaining this growth trajectory and continuing to elevate Saudia as a symbol of hospitality and a benchmark for excellence in the industry," he added.