Emirates Group's half-year profit falls 66% due to the Persian Gulf conflict and fuel prices

Dubai's Emirates Group reported a 66% drop in net profit for the first half of the 2026–27 financial year: the regional conflict and rising jet fuel prices cut revenue by 12% and passenger traffic by 22%. The company remains profitable and holds large reserves, but is cutting staff and expenses.

Otabek YusupovFirst published on tafs uz 5 November 2026 at 13:562 min read

The key facts

Emirates Group's net profit for April–September fell 66% to AED 3.6 billion (about $1 billion)
Revenue declined 12% to AED 66.2 billion, and passenger traffic fell 22% to 21.8 million passengers
The company remains profitable with reserves of AED 54.1 billion, but headcount shrank by 2%

Profit fell by two-thirds

Dubai's Emirates Group, which brings together the Emirates airline and aviation services operator dnata, reported a 66% year-on-year drop in net profit for the first half of the 2026–27 financial year (April–September). Net profit amounted to AED 3.6 billion (about $1 billion), and profit before tax was AED 4.1 billion ($1.1 billion). This was reported by Anadolu citing the group's report.

What affected the results

Revenue fell 12% to AED 66.2 billion ($18 billion), coming off record financial results a year earlier. EBITDA dropped 41% to AED 12.5 billion ($3.4 billion). The main factors were disruptions caused by the conflict in the Persian Gulf and rising global jet fuel prices.

Passenger traffic and load factor

Emirates carried 21.8 million passengers over the half-year — 22% fewer than a year earlier. Total cargo capacity fell 10% to 28.2 billion tonne-kilometres due to a reduced schedule. Passenger capacity (in available seat-kilometres) declined 17%, while actual passenger traffic fell 25%. The average seat load factor dropped to 72% from 79.5% a year earlier.

Management's position

Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said the group remained profitable despite the sharp rise in fuel prices and regional disruptions — thanks to sustained demand and strong cargo operations. According to him, coordination with government authorities helped safely restore air services and ease travel restrictions in the region. He expressed cautious optimism about the second half of the financial year, citing the company's financial resilience and liquidity.

Reserves, investments and staff

The group's cash reserves stood at AED 54.1 billion ($14.7 billion) as of 30 September, down from AED 59.6 billion ($16.2 billion) at the end of March — the decline is linked to debt repayments, advance payments for aircraft and the remaining portion of a AED 2 billion ($545 million) dividend to the owner. Despite challenging conditions, the group continues to invest in fleet expansion and product upgrades. Headcount fell 2% to 128,237 employees, although targeted hiring continues.