Emirates, the world's largest long-haul airline, posted an annual profit attributable to the owner of 17.23 billion dirhams ($4.7 billion) in its 2023-2024 financial year, 63% higher year-on-year (YoY) as it carried more passengers and cargo.

Full-year revenue rose 13% to AED 121.2 billion, the airline group's annual report revealed on Monday.  

The Emirates Group, meanwhile, made a profit attributable to the owner of AED 18.65 billion, 71% higher YoY.

"We are reporting our best financial results ever, surpassing last year with a new record profit of AED 18.7 billion, and revenue increasing 15% to AED 137.3 billion," said Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates Airline and Group.

He said the business outlook is positive with projections of strong, sustained demand for international air transport and travel.

Emirates will receive 10 new A350 aircraft during 2024-25, with the first unit joining the fleet in August, he said.

Sheikh Ahmed said the addition of new aircraft type in the fleet mix supports the next phase of network growth, offering new route possibilities with its flying range and capacity.

"The addition of five new 777 freighters from mid2024 onward will also boost our cargo operations."

Airline capacity rose 20% to 57.7 billion Available Tonne Kilometres (ATKM) recovering to near pre-pandemic levels, with a high seat load factor at 79.9%. The airline transported 51.9 million passengers and carried 2.2 million tonnes of cargo.

Emirates Group company Dnata saw annual profit rising 330% to AED 1.4 billion, while revenue increased 29% to reach a new record of AED 19.2 billion.

Emirates Flight Catering hit record revenues of AED 970 million from external customers, driven by traffic growth at Dubai’s airports.mirates and dnata have declared combined dividends of AED 4 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)