Dubai (United Arab Emirates) (AFP) - The Emirates Group, which includes especially Emirates Airlines, announced on Thursday that its profits in the first half of the current fiscal year decreased by 66% compared to the same period last year, as a result of the impact of the war in the Middle East and the rise in aviation fuel costs.

Published on: 05/11/2026 - 15:19

The group's net profits after tax amounted to 3.6 billion dirhams (about a billion dollars), according to what it said in a statement, while in the same period last year it amounted to 2.9 billion dollars.

During the first months of the war in the Middle East, which began on February 28 with US-Israeli strikes on Iran, Iranian attacks with drones and missiles targeted UAE territory, disrupting shipping traffic.

Energy prices have risen significantly as a result of Iran's virtual closure of the Strait of Hormuz, vital for oil and liquefied natural gas exports.

The Dubai-based group said that its subsidiary, Emirates Airlines, witnessed a decline in its pre-tax profits, achieving “3.7 billion dirhams ($1 billion) during the first half of the fiscal year 2026-2027, compared to its record profits of 11.4 billion dirhams ($3.1 billion) during the same period last year,” affected by the rise in fuel prices.

The carrier's net profits after tax amounted to 3.3 billion dirhams ($903 million), a decrease of 66%.

Passenger traffic via Emirates Airlines declined by 22% between April and September compared to the same period last year, reaching 21.8 million passengers.

But the group's revenues were less affected, declining by 12 percent to reach 66.2 billion UAE dirhams, according to the statement, supported by strong performance in shipping operations.

The group said that its revenues amounted to “66.2 billion dirhams ($18 billion) during the first six months of the fiscal year 2026-2027, a decrease of 12%, compared to 75.4 billion dirhams ($20.6 billion) during the same period last year,” noting that it achieved “strong performance in light of the operational challenges and high fuel prices resulting from the ongoing unrest in the Gulf region.”

In contrast, air freight revenues increased by 52%, especially with “more shipping companies turning to air transport services in light of the disturbances that affected maritime transport,” according to the statement.

Emirates Sky Cargo transported “1.2 million tons of cargo during the first six months of the fiscal year,” a decrease of only 1% compared to the same period last year.

During this period, the total number of employees in the Emirates Group decreased by 2%, reaching 128,237 employees on September 30, 2026.

"The longer the conflict lasts"

Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates Airlines and Group, said: “Despite the unprecedented regional turmoil that affected air traffic and the sharp rise in fuel prices, the group achieved pre-tax profits of 4.1 billion dirhams ($1.1 billion).”

He added, "Air freight operations played a major role in supporting revenues, which enabled the group to maintain good levels of revenues and cash liquidity, despite the significant pressures on costs and profitability, especially with the doubling of jet fuel prices globally compared to the same period last year."

"The ability of Emirates Airlines to achieve profits despite the war conditions is very remarkable," said Saj Ahmed, an analyst at Strategic Aero Research.

Emirates Airlines launched a comprehensive travel insurance offer in June that includes coverage for medical expenses related to incidents resulting from conflicts, in addition to providing hotel accommodation and support services during disruptions or delays that may affect travel plans.

The group's subsidiary, dnata, which provides services at Dubai Airport, also announced a decrease in its net profits after tax by 56% on an annual basis, to reach $84 million.

“The fundamental pillars of the industry in the Gulf states remain solid,” analyst Saj Ahmed said, but warned that “the longer the conflict lasts, the more likely its repercussions will be felt,” especially in Saudi Arabia, where Yemen’s Iran-backed Houthis are constantly targeting airports, he said.

© 2026 AFP

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