Emirates Profit Plunges 66% as Gulf Conflict and Fuel Costs Bite
Dubai’s aviation giant Emirates Group reported a dramatic 66% fall in profit after tax for the first half of its 2026–27 financial year, covering April to September 2026. Profit dropped to $1 billion (AED 3.6 billion), down from $2.9 billion in the same period last year.
The decline was driven by ongoing Gulf regional conflict disrupting airspace, soaring jet fuel prices and a significant drop in passenger numbers. During the period:
- Emirates carried 21.8 million passengers, down 22% year over year.
- Passenger load factor fell to 72.0%, compared with 79.5% a year earlier.
- Group revenue declined 12% to $18 billion.
Despite the financial turbulence, Emirates continued investing in its fleet, taking delivery of nine Airbus A350s and completing cabin refurbishments on 12 aircraft.
Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said the group remained profitable and was cautiously optimistic about the second half of the year. Strong cargo performance and strategic fuel hedging helped cushion the impact, while the group maintained a healthy cash position of $14.7 billion.
Source: Travel PR News – Emirates Group Half-Year Profit Falls 66%