The Emirates Group reported a 66 per cent decline in profit for the first six months of 2026.
The development was caused by the ongoing conflict in the Middle East, which resulted in a hike in fuel prices that affected its operations.
The group confirmed the decline in a statement on Thursday, recording a profit before tax of AED 4.1 billion (US$1.1 billion) for the six months ending September 30, compared with the same period last year.
Revenue also declined by 12 per cent to AED 66.2 billion (US $18 billion), down from AED 75. 4 billion (US$20.6 billion) recorded in the same period last year.
The group’s chairman and chief executive, Ahmed Al Maktoum, said customer demand remained strong, and cargo operations contributed significantly to revenue despite the operational challenges.
“It has been a demanding six months, and once again our business model and our people stood up to the test,” he said.
Mr Al Maktoum also thanked the UAE government for coordinating efforts to restore air transport operations following military activities across the Gulf region, which helped ease travel advisories to and through the UAE.
The group’s airline subsidiary, Emirates, recorded a profit before tax of AED 3.7 billion (US$1 billion), a 68 per cent decline, while its revenue fell by 13 per cent to AED 56.9 billion (US$15.5 billion).
Also, its aviation services subsidiary, dnata, recorded a 51 per cent decline in profit before tax to AED 410 million ($112 million), while revenue dropped by seven per cent to AED 11 billion ($3 billion).
Despite the drop, Mr Al Maktoum expressed optimism about the group’s performance in the second half of the financial year, adding that its strong cash reserves would help it withstand geopolitical uncertainties and rising fuel prices.