Dubai’s Emirates Airline to Pay Workers Bonuses Equal to 5 Months Salary after Record Profits

• Emirates Airlines’ profits grew by 63% because of increased carrying capacity and the ability to quickly respond to customer demands
• In the year ended March 31, the airline carried over 51 million people, which is more than the population of Kenya according to the 2019 census
• The airline said it was reaping the fruits of non-stop investments in its products and services

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Workers at Dubai-based Emirates Airlines are set to smile all the way to the bank after the airline announced it will be paying out a bonus equivalent to 20 weeks’ salary.

What factors launched Emirates Airline on profit path?

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This is after the airline announced it had recorded blockbuster profits of USD 4.69 billion, approximately KSh 612 billion.

In its financial statement, the airline said the profits were up 63% from USD 2.9 billion (KSh 379b) recorded last year.

“Once again Emirates has 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 wanted, 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 to UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Their leadership and the nation’s progressive policies made Emirates Group,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates.

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Al Maktoum faults Boeing

Al Maktoum was recently in the headlines after he criticised Boeing for not delivering in time fleet orders the airline made.

Boeing had scaled down production due to safety concerns, and Al Maktoum was concerned his fleet needed additional planes, but the order was being delayed past the agreed deadline.

“We’re not happy really with what’s going on, we always really wanted to see this aircraft entering the fleet when it had been promised,” Al Maktoum was quoted by CNBC as saying.

The group has 112,406 employees, and those eligible for bonuses will receive rewards worth 20 weeks’ pay. Last year, around 50,000 received bonuses.

Emirates carried 51.9 million passengers (up 19%) in 2023-24, with seat capacity up by 21%.

Kenya Airways’ loss drops to KSh 23b

Back home, in March, Kenya Airways announced a drop in its losses, with the loss after tax reduced by 41% to KSh 23 billion from KSh 38 billion in its full-year 2023 financial results.

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This development marked a significant improvement for Kenya Airways, which has been grappling with financial challenges exacerbated by the COVID-19 pandemic and other operational hurdles.

Kenya Airways recorded an operating profit of KSh 10.5 billion in 2023, marking a substantial 287% increase from the previous year.

Source: TUKO.co.ke