Emirates SkyCargo lifts revenue as freight capacity tightens

By Priya Raman

Emirates SkyCargo carried 1.24 million tonnes in the first half of its 2026-27 financial year, even as cargo revenue rose 52%.

Freight volume slipped 1% from 1.25 million tonnes between April 1 and September 30, 2026, compared with the same period a year earlier.

The airline disclosed percentage gains, not the underlying cargo-revenue amount. Its opening summary put the increase at 50%, while the results detail gave 52%.

The divergence between lower tonnage and higher revenue points to stronger revenue per tonne. Emirates cited two linked regional effects: the conflict reduced available airfreight capacity, while marine transport disruptions pushed shippers toward air cargo.

Passenger operations bore the heavier cost. Emirates Airline reported half-year profit before tax (PBT), meaning earnings before tax, of AED3.7 billion ($1 billion), down 68%, and revenue of AED56.9 billion ($15.5 billion), down 13%.

At group level, PBT fell 66% to AED4.1 billion ($1.1 billion), while revenue declined 12% to AED66.2 billion ($18 billion).

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, said:

“It has been a demanding six months, and once again our business model and our people stood up to the test.

“Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 1.1 billion).

“Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year, impacting our costs and profitability.”

What does the capacity squeeze change for shippers?

For shippers, the immediate change is tighter airfreight availability during the regional conflict and continuing marine disruption. That condition supported Emirates SkyCargo’s revenue despite lower tonnage.

The source provided neither contracted rates nor an end date for the squeeze. It therefore cannot establish how much shippers paid or how long scarcity will last. That distinction matters for capacity planning.

Cargo strength did not reverse group weakness. Cargo cushioned a 66% group PBT decline, but it did not offset the passenger and fuel shock. Emirates reported no aircraft utilization rate, meaning the share of available capacity used, or unit-cost data, so the new capacity’s earnings contribution cannot be isolated.

Emirates said it took steps to expand air cargo capacity and its network during the six months:

• Five new Boeing 777 freighters, or wide-body aircraft configured for cargo, were delivered.
• The first passenger-to-freighter conversion from IAI, meaning a passenger aircraft modified for freight duties, entered deployment.
• Almaty and Zhengzhou joined the freighter network.
• Dedicated freighter services began at more than 15 existing Emirates destinations.
• Flight frequencies, or scheduled departures, increased in several key markets, including the Far East.

These additions expand available freight capacity and destination coverage. The 1% decline in airline tonnage shows that the reported revenue gain did not come from volume growth. No aircraft-level cost or utilization figures were supplied, so their contribution to profitability remains unquantified. More aircraft can add operating expense before capacity is fully used.

Separately, Emirates-owned dnata, the group’s cargo-handling business, handled 1.49 million tonnes, down 6%. The two sets of figures should not be treated as interchangeable because the source did not reconcile their scope.

dnata’s development program mixed completed measures with agreements and announced projects:

• An integrated command centre opened in Dubai to support dnata’s growing cargo operations.
• Silk Way West Airlines signed a multi-year agreement with dnata at Changi Airport in Singapore.
• dnata announced a planned new cargo facility at Western Sydney International Airport.
• dnata progressed new and expanded cargo operations at East Midlands Airport and Zurich Airport.

Operational changes differ from announced plans. The source gave no construction date for Western Sydney or completion timetable for the airport developments.

Emirates converted conflict-driven scarcity into a 52% cargo-revenue increase while adding freighters and routes during the half-year. The next test is whether those assets can sustain tonnage and cargo earnings after regional airfreight capacity normalizes.