The Emirates Group, which includes Emirates airline and dnata, reported a pre-tax profit of AED4.1 billion ($1.1 billion) in the first half of the 2026-27 financial year, despite regional disruptions and surges in global jet fuel prices.
Profits Fall as Costs Rise
Regional conflict and higher operating costs weighed heavily on the Group’s financial performance. Global jet fuel prices doubled compared with the same period last year, adding to airline expenses.
Emirates reduced its fuel uplift by 12%, yet fuel costs still rose by 60% before hedging gains. Gains of AED7.1 billion ($1.9 billion) from fuel price risk management limited the increase in net fuel costs to 13%.
Fuel accounted for 34% of Emirates airline’s operating costs.
Passenger Numbers and Operations
Emirates airline carried 21.8 million passengers during the six-month period, a 22% decline compared with the same period last year. Operations were affected by regional airspace restrictions, flight disruptions and travel advisories.
Despite these challenges, the airline had restored 91% of its pre-disruption network by Sept. 30, serving 150 airports across 78 countries and territories.
Cash Reserves Decline
The Emirates Group ended September with AED54.1 billion ($14.7 billion) in cash reserves, down from AED59.6 billion ($16.2 billion) at the end of March – a six month reduction of AED5.5 billion ($1.5 billion).
Funds were allocated for advanced aircraft delivery payments and existing debt obligations. Emirates paid the remaining AED2 billion ($545 million) in dividends to its owner, the Investment Corporation of Dubai, for the 2025–26 financial year.
Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said:
“We enter the second half of our 2026-27 financial year with measured optimism. While keeping a close watch on costs and geopolitical developments, we remain focused on delivering what Emirates and dnata are known for – safety, quality, and customer satisfaction.”
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