Emirates Airline has recorded annual profit as travel demand increases.

DUBAI, United Arab Emirates – Dubai-based carrier Emirates Airlines on Monday reported a record annual profit of 17.2 billion dirhams ($4.7 billion) for the 2023-2024 fiscal year, up 63 percent from the previous year.

The flagship airline of the UAE’s glittering commercial capital has enjoyed a steadily recovering travel sector, expanding its route network to meet growing demand.

Emirates Group said in a statement that the world’s largest long-haul airline’s latest figures were the best in its history and were “driven by strong consumer appetite for travel across all segments.”

Emirates carried 51.9 million passengers in the 2023-24 financial year, a 19% increase over the previous year, with a 21% increase in seat capacity.

The airline’s revenue increased by 13 percent to 121.2 billion dirhams and the airline’s capacity increased by 20 percent. [the] the difference to pre-pandemic levels,” the statement said.

Emirates Chairman and Chief Executive Sheikh Ahmad Bin said, “Throughout the year, we saw strong demand for air transportation and travel-related services around the world, and as we move quickly to meet customer demand, were able to move forward, we achieved great results,” said Emirates Chairman and Chief Executive Sheikh Ahmed Bin. Saeed Al Maktoum.

“We are leveraging years of non-stop investment in our products and services, strong partnerships and the capabilities of our talented people.”

Emirates Group, which comprises the airline and airline services and ground handling company dnata, saw its best financial performance with a record profit of 18.7 billion dirhams, up 71 percent from the previous year.

It also ended the financial year with its highest-ever cash balance of Dh47.1 billion, and declared a Dh4 billion dividend for its owner, Dubai Investments Corporation.

The airline doesn’t plan to slow down its expansion anytime soon. he has More than 300 passenger jets on command.

Dubai’s leadership, meanwhile, recently approved a multibillion-dollar plan to build a new passenger terminal at the emirate’s Al Maktoum International Airport, making it five times larger than Dubai’s main international airport. Gana will make it twice as big — and the world’s largest airport.