Emirates Group reported a Dh4.1 billion pre-tax profit for April to September, down 66 per cent, as fuel prices and airspace restrictions weighed on results.
News Today Desk
Emirates Group stayed firmly profitable in the first half of its 2026-27 financial year, posting a profit before tax of Dh4.1 billion for the six months to 30 September. That is a steep 66 per cent drop on the same period last year, when the Group delivered record results, and it comes as the regional conflict and high fuel prices squeezed airlines across the Gulf.
The Group, which comprises the Emirates airline and aviation services company dnata, described the result as remarkable given the disruption it faced. Here's what the numbers show and what they mean.
The headline figures cover April to September 2026. Revenue came in at Dh66.2 billion, down 12 per cent from Dh75.4 billion a year earlier. EBITDA was Dh12.5 billion, 41 per cent lower than the Dh21.1 billion recorded in the same period last year.
After income tax charges, profit after tax was Dh3.6 billion, also down 66 per cent.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said it had been "a demanding six months". He said customer demand held firm and cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against last year.
| Measure (April to September 2026) | Result | Change |
|---|---|---|
| Profit before tax | Dh4.1 billion | Down 66 per cent |
| Profit after tax | Dh3.6 billion | Down 66 per cent |
| Revenue | Dh66.2 billion | Down 12 per cent |
| EBITDA | Dh12.5 billion | Down 41 per cent |
Emirates airline reported a profit before tax of Dh3.7 billion, down 68 per cent, compared with the record Dh11.4 billion for the same period last year. Profit after tax fell 66 per cent to Dh3.3 billion.
Passenger numbers took the biggest hit. Emirates carried 21.8 million passengers, down 22 per cent, as intermittent airspace restrictions and closures disrupted operations and government travel advisories affected demand. The average passenger seat factor was 72.0 per cent, compared with 79.5 per cent a year earlier. Capacity, measured in available seat kilometres, fell 17 per cent.
Airline revenue, including other operating income, was Dh56.9 billion, down 13 per cent from Dh65.6 billion. The Group attributed this to enduring travel demand, particularly for premium cabins, and a solid cargo contribution.
Fuel remains the airline's largest cost, at 34 per cent of operating costs. Emirates cut its fuel uplift by 12 per cent because it flew less, yet fuel costs before hedging gains still rose 60 per cent from the previous half-year.
A fuel price risk management strategy delivered gains of Dh7.1 billion, which cut the net increase in fuel costs to 13 per cent. Across the board, operating costs fell 2 per cent in line with reduced operations. Khaleej Times also quoted an industry comment noting that the decline was not a surprise given higher fuel costs and the airline's fleet mix.
Yes. Emirates SkyCargo moved 1.2 million tonnes, down 1 per cent, but cargo revenue jumped 52 per cent. The regional conflict reduced available airfreight capacity, while marine transport disruptions pushed shippers towards air options.
SkyCargo added five new Boeing 777 freighters and deployed its first passenger-to-freighter converted aircraft. It also added Almaty and Zhengzhou to its freighter network, introduced dedicated freighter services to more than 15 existing Emirates destinations and increased frequencies to key markets, including in the Far East.
dnata's profit before tax fell 51 per cent to Dh410 million, and profit after tax was Dh309 million, down 56 per cent. Revenue fell 7 per cent to Dh11 billion, reflecting lower volumes in some UAE and UK businesses.
Its travel division saw revenue drop 31 per cent to Dh1.4 billion, mainly because it divested its UK businesses Travel Republic and Netflights, which stopped accepting new bookings in November 2025.
The company still landed new deals. These include a cargo partnership with Silk Way Group in Singapore, inflight catering contracts with Cathay Pacific at several airports in the UK and the US, and a seven-year ground-handling licence at Amsterdam Schiphol Airport.
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The Group closed the half with cash reserves of Dh54.1 billion on 30 September, compared with Dh59.6 billion on 31 March. It said it drew on its reserves for business needs, including pre-delivery payments for aircraft and servicing existing debt.
It also paid the remaining Dh2 billion of the Dh3.5 billion dividend declared for 2025-26 to its owner, the Investment Corporation of Dubai.
Headcount fell 2 per cent from 31 March to 128,237 employees. The Group said Emirates and dnata are both still recruiting.
Sheikh Ahmed said the Group enters the second half with "measured optimism", while keeping a close watch on costs and geopolitical developments. He credited the UAE government for enabling the safe and smooth recovery of air transport activities, and said the Group is well placed to stay agile against high fuel prices and regional volatility.
For travellers and job seekers, the key signals to watch are whether airspace restrictions ease and whether flight schedules recover, since reduced operations drove much of the fall in passenger numbers.
Results as reported by the Emirates Group and covered by Gulf News, Khaleej Times and Emirates 24/7.
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