Dh3.6 Billion H1 Profit Retained as Jet Fuel Costs Double
The Emirates Group recorded a net profit after tax of Dh3.6 billion for the first half of the 2026-27 financial year, representing a 66 per cent drop compared to the same period in the previous year. Aviation institutions, regional carriers, and travel sector analysts watched the performance close as operational challenges across the region, including doubled global jet fuel prices and severe airspace restrictions, drove total group revenue down 12 per cent to Dh66.2 billion.
Group earnings before interest, taxes, depreciation, and amortisation fell 41 per cent to Dh12.5 billion, while profit before tax stood at Dh4.1 billion. Within the main business units, Emirates airline generated a net profit after tax of Dh3.3 billion, matching the wider group’s 66 per cent decline. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline & Group, confirmed that strong cargo contributions and sustained passenger demand helped offset rising operating expenses, higher insurance premiums, and longer flight routing requirements caused by regional flight diversions.
Fuel Costs Double as Cash Reserves Support Debt and Dividend Payments
The group closed the six-month financial period on September 30, 2026, with a cash reserve of Dh54.1 billion, down from Dh59.6 billion held on March 31, 2026. These liquid reserves funded ongoing business requirements without operational disruption, covering pre-delivery payments for upcoming aircraft deliveries, servicing existing corporate debt obligations, and fulfilling a remaining Dh2 billion dividend payout.
The performance comes after military activity and conflict across the Gulf disrupted regional flight schedules, forcing air transport authorities and GCC carriers to reroute traffic around restricted airspace during the six-month window.
