Emirates Group profit drops 66% as war hits travel

Emirates Group said first-half profit after tax fell 66 percent from a year earlier to AED 3.6 billion, or $1 billion, as high fuel costs and regional disruption linked to the Middle East war hit aviation.

The Dubai-based, state-owned group, which operates Emirates airline, said revenue fell 12 percent to AED 66.2 billion. Emirates airline revenue fell 13 percent, and the group cut its workforce by two percent over six months to 128,237 employees.

Emirates carried 21.8 million passengers between April and September, down 22 percent from the same period a year earlier. Cargo revenue rose 52 percent despite a slight decline in volumes transported.

Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum called it “a demanding six months”, citing “unprecedented regional challenges and high fuel prices”. He said customer demand held firm and cargo operations made a strong contribution.

The company said the first six months of its 2026-27 financial year brought major operational challenges, including intermittent airspace restrictions and closures across the region and changing government travel advisories. Dubai airport was repeatedly targeted in Iranian drone and missile attacks in the early part of the war, disrupting flights and deterring some visitors to Dubai.

Emirates said it introduced measures after the outbreak of war including comprehensive travel insurance, free date changes and refund policies. It also broke ground in May on a $5.1 billion engineering and maintenance facility at Al Maktoum International Airport in Dubai, with completion expected in the mid-2030s.