Emirates Group profit falls 66% as fuel costs rise

Emirates Group reported profit after tax of AED3.6 billion ($1.0 billion) for the first half of 2026-27, down 66% from a year earlier, Emirates24|7 reported on Nov. 5.

The decline shows the pressure on Dubai’s flagship aviation group from disrupted regional flying and higher fuel, even as revenue reached AED66.2 billion ($18.0 billion), down 12% from AED75.4 billion a year earlier.

Profit before tax was AED4.1 billion ($1.1 billion) for the six months, while earnings before interest, taxes, depreciation and amortisation fell 41% to AED12.5 billion ($3.4 billion), the report said.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, said: "Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled compared with the same period last year, impacting our costs and profitability."

The group ended the period with AED54.1 billion ($14.7 billion) in cash as of Sept. 30, compared with AED59.6 billion ($16.2 billion) on March 31. The report said cash was used for aircraft pre-delivery payments, debt servicing and a remaining AED2 billion dividend to the Investment Corporation of Dubai.

Emirates airline, the group’s largest business, reported profit before tax of AED3.7 billion ($1.0 billion), down from AED11.4 billion a year earlier. Its revenue, including other operating income, fell 13% to AED56.9 billion ($15.5 billion), while EBITDA declined 41% to AED11.5 billion ($3.1 billion).

The airline’s operating capacity fell after intermittent airspace limits and reduced schedules. Overall capacity dropped 10% to 28.2 billion available tonne kilometres, available seat kilometres fell 17%, and passenger traffic measured in revenue passenger kilometres dropped 25%. Emirates carried 21.8 million passengers, down 22%, with the seat factor falling to 72% from 79.5%.

Fuel was the largest cost item at 34% of Emirates airline operating costs. The report said fuel costs before hedging rose 60% year on year despite a 12% reduction in fuel uplift; AED7.1 billion in fuel-hedging gains reduced the net increase to 13%.

Cargo partly offset the passenger weakness. Emirates SkyCargo carried 1.2 million tonnes, down 1%, but cargo revenue rose 52% as the report said regional conflict reduced air-freight capacity and maritime disruption increased demand for air cargo.

The group continued investing through the downturn. Emirates received nine A350 aircraft, refurbished 12 aircraft and brought Starlink connectivity to 57 aircraft by the end of September. It also broke ground in May on a $5.1 billion engineering and maintenance facility at Al Maktoum International Airport, with completion expected in the mid-2030s.

dnata, the group’s airport services, catering and travel unit, reported revenue of AED11.0 billion ($3.0 billion), down 7%. Its profit before tax fell 51% to AED410 million ($112 million), while EBITDA dropped 31% to AED939 million ($256 million).

Sheikh Ahmed said the group entered the second half of the 2026-27 financial year with “measured optimism,” while watching costs and geopolitical developments. The workforce stood at 128,237 employees as of Sept. 30, down 2% from March 31, though the report said Emirates and dnata continued hiring for business needs.

Source: news report, Emirates24|7, Nov. 5, 2026