Emirates SkyCargo transported 1.24 million tonnes of freight during the first half of the 2026–27 financial year, covering the period from 1 April to 30 September 2026. This represented a 1% decline compared with the corresponding period last year. Despite the slight drop in cargo volumes, the division achieved an impressive 52% year-on-year increase in revenue.

The strong revenue performance came amid regional conflict, which reduced available airfreight capacity across the market. Disruptions to maritime transport also encouraged shippers to move more goods by air, increasing demand for air cargo services.

During the six-month period, Emirates SkyCargo continued expanding its fleet and global network. The carrier received five new Boeing 777 freighters and introduced its first passenger-to-freighter converted aircraft into commercial operations. It also added Almaty and Zhengzhou as new freighter destinations, launched dedicated cargo services to more than 15 existing Emirates destinations and increased flight frequencies across important markets, particularly in the Far East.

By 30 September 2026, Emirates had restored 91% of its pre-disruption network, serving 150 airports across 78 countries and territories. However, the airline’s overall capacity declined 10% to 28.2 billion Available Tonne Kilometres (ATKM), reflecting its reduced flight schedule.

Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum highlighted the resilience of customer demand and the contribution of cargo operations. He noted that strong cargo performance helped maintain revenue and cash flow, despite global jet fuel prices doubling compared with the previous year and putting pressure on costs and profitability.

Emirates reports lower half-year profits

The airline recorded a profit before tax of AED 3.7 billion (US$1 billion) for the first half, representing a 68% decrease from the record AED 11.4 billion (US$3.1 billion) reported a year earlier. Profit after tax dropped 66% to AED 3.3 billion (US$903 million), while revenue, including other operating income, declined 13% to AED 56.9 billion (US$15.5 billion).

Despite the financial pressure, Emirates continued to benefit from sustained passenger demand, particularly in premium cabins, alongside a strong contribution from its cargo business.

Fuel expenditure before hedging gains increased 60%, even though the airline consumed 12% less fuel. Hedging gains amounting to AED 7.1 billion helped limit the net rise in fuel costs to 13%. Fuel accounted for 34% of the airline’s total operating expenses, remaining its largest cost component.

dnata cargo volumes decline 6%

dnata, the Group’s aviation services division, handled 1.49 million tonnes of cargo across its global operations during the first half, marking a 6% decline year-on-year. Aircraft movements handled by the company also fell 8% to 414,012.

Revenue from airport operations decreased 3% to AED 5.4 billion (US$1.5 billion), although the segment remained dnata’s largest revenue contributor. Expansion in international markets helped offset weaker activity from customer airlines at its UAE hub.

The company continued strengthening its cargo and logistics infrastructure through several investments. In Dubai, dnata inaugurated an integrated command centre to support its expanding cargo operations and commissioned a new AED 100 million (US$27 million) logistics facility in Dubai South.

Internationally, it announced a AU$32 million investment in a cargo facility at Western Sydney International Airport and plans to invest AED 37 million in Alat, Azerbaijan. The company also introduced new and expanded cargo operations at East Midlands and Zurich airports.

Additionally, dnata entered into a cargo partnership with Silk Way Group in Singapore and secured a seven-year ground handling licence at Amsterdam Schiphol Airport.

Despite these developments, dnata’s profit before tax declined 51% to AED 410 million (US$112 million), while revenue fell 7% to AED 11 billion (US$3 billion). Reduced volumes across certain UAE and UK operations contributed to the weaker financial performance.

Emirates Group maintains strong financial position

For the first half of 2026–27, the Emirates Group reported a profit before tax of AED 4.1 billion (US$1.1 billion), down 66% from the previous year. Profit after tax stood at AED 3.6 billion (US$1 billion).

Group revenue decreased 12% to AED 66.2 billion (US$18 billion), compared with AED 75.4 billion (US$20.6 billion) in the corresponding period last year. EBITDA also declined 41% to AED 12.5 billion (US$3.4 billion), against the previous year’s record of AED 21.1 billion (US$5.7 billion).

As of 30 September 2026, the Group held cash reserves of AED 54.1 billion (US$14.7 billion), compared with AED 59.6 billion (US$16.2 billion) at the end of March 2026. During the period, it completed the payment of the remaining AED 2 billion (US$545 million) from its AED 3.5 billion dividend declared for 2025–26 to its owner, the Investment Corporation of Dubai.

The Group’s workforce decreased 2% to 128,237 employees.

Looking ahead, Sheikh Ahmed expressed cautious confidence about the second half of the financial year, emphasising that the Group’s healthy cash reserves and long-term financial foundation would help it manage market uncertainty, operational challenges and elevated fuel prices.