Emirates posts record earnings: Emirates Group’s net income rose 71% y-o-y to a record AED 18.66 bn in its fiscal year ending 31 March 2024, marking its “best financial results ever,” according to the company’s annual report (pdf). The company posted a 14.6% y-o-y jump in total revenues to AED 137.34 bn during the period. The performance was attributed to heightened customer demand across markets and the group’s divisions.

Emirates + dnata results: National airline Emirates’ net income rose to AED 17.23 bn, up 62.9% y-o-y, with revenue growing 12.9% y-o-y during the period to AED 121.22 bn. Emirates Group’s air services provider subsidiary dnata saw its net income jump more than 300% during the fiscal year to AED 1.42 bn. The company logged AED 19.24 bn in revenues, marking a 29.1% y-o-y increase.

Thank the post-pandemic travel rebound: Emirates carried 51.9 mn passengers during the year, marking a 19% y-o-y increase, the airline said. Capacity also increased by 20%, “closing [the] gap to pre-pandemic levels,” the statement said.

Looking ahead: The company forecasts significant growth, driven by the Dubai government’s AED 128 bn investment to expand Al Maktoum International Airport. It plans to onboard 10 new A350 aircraft during 2024-25 to offer new routes, and five new 777 freighters from mid-2024 onward to boost cargo operations. Emirates Group is also eyeing international expansion, with plans to commence construction of advanced cargo facilities in the Netherlands and Iraq, the company said.

AIR ARABIA-

Budget carrier Air Arabia’s net income fell 22% y-o-y to AED 266 mn in 1Q 2024, according to its earnings release (pdf). The carrier attributed the sluggish growth to “seasonality shift during the month of Ramadan, higher fuel price, currency fluctuations in key markets, and ongoing supply chain challenges that contributed to higher inflationary costs across the industry.” Air Arabia reported 8% y-o-y growth in revenues, turning in AED 1.54 bn over the three-month period.

JTC-

Kuwait-based port management, logistics, and warehousing outfit JTC saw its bottomline boost 18% y-o-y to KWD 1.8 mn (USD 5.85 mn) in 1Q 2024, according to a Kuwait Stock Exchange (KSE) disclosure (pdf). Topline for the period was down 5.3% to KWD 7 mn, the disclosure said.

Behind the numbers: Despite the drop in revenues, the company saw a boost in net income on the back of a cost optimization drive, which saw operating costs and general expenses fall 7% and 14% y-o-y, according to a press release. The company also boosted its GCC presence, with operations in KSA and Qatar seeing double digit growth. The company also cited “geopolitical events” as having indirect effects on operations and operating revenue.

About JTC: Founded in 1979, JTC operates across Kuwait, KSA, and Qatar, catering to logistics sectors including ports management, contract logistics, warehousing, equipment leasing, and power rental, the statement said. JTC is part of investor Kuwait Projects Company Holding (KIPCO Group).

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