Emirates Group Half-Year Profit Falls About Two-Thirds to Dh3.6 Billion

The group said on Thursday that revenue for the first half of its 2026-27 financial year was Dh66.2 billion and profit before tax was Dh4.1 billion. In the first half of 2025-26, the group reported what was then a record half-year: revenue of Dh75.4 billion, profit before tax of Dh12.2 billion and profit after tax of Dh10.6 billion. That means revenue has fallen by roughly 12 per cent and both profit measures by about two-thirds.

The results show how far the conflict around the Gulf and higher oil prices have cut into earnings at Dubai's state-owned aviation group, a year after it reported its best-ever first half. The group stayed profitable, which its leadership presented as the main message of the half.

"The Emirates Group has reported a profit for the first six months of 2026-27 despite regional challenges and high fuel costs. Its half-year performance illustrates the resilience of the Group's business model, and the capabilities of its people," Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, said. He also thanked the UAE government for its support, saying in a post on X that its backing had played a central role in keeping the aviation sector operating.

The headline figures released on Thursday did not separate results for Emirates airline from those of dnata, the group's airport services and travel business. They also did not include passenger or cargo volumes. The group put its workforce at 128,237 during the period. A year earlier, the airline accounted for Dh65.6 billion of revenue and Dh11.4 billion of profit before tax, and dnata for Dh11.7 billion of revenue and Dh843 million of profit before tax.

Sheikh Ahmed said Emirates and dnata "remain focused on delivering the best customer experiences, and investing in the capabilities needed for our future growth."

The operating environment for Gulf carriers remains disrupted. British Airways has resumed flights between Heathrow and Dubai after an eight-month suspension caused by the Iran war, and it has said its Abu Dhabi services will stay suspended until at least late 2027, according to The National. flydubai, Emirates' Dubai-based sister carrier, has extended its suspension of flights to Riyadh, Dammam and Abha in Saudi Arabia until November 9, a spokesperson said. Etihad has kept its Riyadh and Dammam services suspended until November 19. Riyadh's King Khalid International Airport has been running at reduced capacity since a Houthi missile attack in early October that killed at least 14 people.

Fuel costs, which the group named as a pressure on earnings, have started to ease. Brent crude traded at $94.03 a barrel early on Thursday, down more than 19 per cent over five days after the US midterm elections raised hopes of a diplomatic end to the Iran war, but still up more than 34 per cent since the start of the year.