Emirates Group Posts $1.1B Pre-Tax Profit as SkyCargo Revenue Jumps 52%

Dubai, United Arab Emirates — The Emirates Group, which owns Emirates airline and aviation services company dnata, made a profit before tax of $1.1 billion (AED 4.1 billion) in the six months to September 30, 2026, according to its half-year results. After income tax, the group kept $1.0 billion (AED 3.6 billion). Earnings before interest, tax, depreciation and amortization (EBITDA) reached $3.4 billion (AED 12.5 billion).

A year ago the group reported a pre-tax profit of $3.3 billion (AED 12.2 billion) for the half, its fourth record first half in a row, and it closed the year to March 31, 2026 with a record $6.6 billion profit before tax on revenue of $41 billion (AED 150.5 billion).

Cash stood at $14.7 billion (AED 54.1 billion) on September 30, against $16.2 billion (AED 59.6 billion) at the end of March.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Throughout this time, we have not paused our investments. Emirates and dnata continue to commit significant resources to expand our fleet, enhance our products and services, and develop capabilities that will shape the future of our business. This is how we stay ahead and stay resilient to external challenges.”

High fuel prices ate into profits, the company said. Emirates loaded 12% less fuel as it flew less, but its fuel bill before hedging was 60% above the previous half-year. Gains of approximately $1.93 billion (AED 7.1 billion) from its fuel price risk management held the net rise to 13%, with fuel still the biggest single cost at 34% of the total and overall operating costs down 2%. Sheikh Ahmed said global jet fuel prices had doubled from a year earlier. The airline's EBITDA fell 41% to $3.1 billion (AED 11.5 billion) from $5.4 billion (AED 19.7 billion).

Emirates SkyCargo carried 1.2 million tonnes, 1% less than a year earlier, yet its revenue climbed 52%, which points to much higher earnings per tonne flown. The division took delivery of five new Boeing 777 freighters and put its first passenger-to-freighter conversion into service. It added Almaty and Zhengzhou to its freighter network, started dedicated freighter flights to more than 15 existing Emirates destinations and raised frequencies on several key routes, including in the Far East.

At September 30, the passenger and cargo network reached 150 airports in 78 countries and territories. During the half, the airline received nine new A350s and completed full cabin refits on 12 aircraft (nine A380s and three Boeing 777s) under a retrofit program it expects to cost over $7.0 billion, and it fitted Starlink Wi-Fi to 36 more aircraft, taking the total to 57. In May, it broke ground on a $5.1 billion engineering and maintenance, repair and overhaul (MRO) facility at Al Maktoum International Airport, which is due to be finished in the mid-2030s.

Airport operations remained dnata's largest revenue source at $1.5 billion (AED 5.4 billion), down 3%, as growth abroad made up for fewer customer airline flights at its UAE hub. It handled 414,012 aircraft turns, 8% fewer, and 1.49 million tonnes of cargo, down 6%. Flight catering and retail edged up 1% to $1.1 billion (AED 4.2 billion) on the back of inflight retail with EasyJet and Aer Lingus, although the 54.0 million meals it uplifted were 10% fewer, mainly after the loss of key UK contracts.

dnata signed multi-year deals in the half, among them a cargo partnership with Silk Way Group in Singapore and inflight catering for Cathay Pacific at several UK and U.S. airports, and won a seven-year ground handling license at Amsterdam Schiphol Airport. In Dubai, it opened an integrated command center for its cargo business, committed approximately $2.2 million (AED 8 million) to expand The Fort – Lisaili, the desert tourism site of Arabian Adventures, and commissioned a $27 million (AED 100 million) logistics facility in Dubai South.

Outside the UAE, dnata announced an approximately $22.3 million (AU$32 million) cargo facility at Western Sydney International Airport (WSI), where its new catering facility is on schedule to open in 2027. It plans an approximately $10.1 million (AED 37 million) investment in Alat, Azerbaijan, is adding or expanding cargo operations at East Midlands Airport and Zurich Airport, and is trying out automated aircraft approach systems in Dubai, an aircraft catering simulator in Dublin and autonomous tractors in Europe and Asia.

Sheikh Ahmed said the group goes into the second half of 2026-27 with measured optimism, keeping a close eye on costs and relying on its strong cash position to cope with high fuel prices. Its workforce stood at 128,237 on September 30, 2% smaller than at March 31, and both Emirates and dnata are still running recruitment drives.