Emirates SkyCargo revenue rose 52% as Group pretax profit fell 66%

By Grace Kim

Emirates Group recorded US$1.1 billion (AED 4.1 billion) in profit before tax for the first half of 2026-27, while Emirates SkyCargo raised cargo revenue 52% and Group profit before tax fell 66% year on year. SkyCargo carried 1.2 million tonnes in the first six months, down 1% from the same period last year, according to Emirates.

Emirates attributed the 52% cargo revenue increase to regional conflict reducing available airfreight capacity and marine disruption pushing shippers toward air freight. The Group described underlying demand as resilient and cargo performance as strong; that combination helped SkyCargo even as the same conflict complicated Emirates Group's wider operations.

How did cargo revenue rise while tonnage fell?

In the first half of 2026-27, Emirates added capacity from five newly delivered Boeing 777 freighters and its first passenger-to-freighter converted aircraft, according to the Group. The disclosure confirms these aircraft were already contributing capacity, rather than representing future orders, and announced no separate certification milestone.

No Boeing 777 freighter backlog accompanied the results, leaving later delivery visibility unquantified. Emirates also expanded its freighter network with two new destinations, Almaty and Zhengzhou, dedicated freighter services to more than 15 existing Emirates destinations, and higher frequencies to several key markets, including the Far East.

Why did profit fall when cargo revenue rose?

Group revenue fell 12% from a year earlier, while profit before tax dropped 66%, even as global jet fuel prices doubled over the same comparison period. Emirates said cargo performance buoyed revenue, but the higher fuel bill eroded profitability. dnata recorded a US$112 million profit, down 51% compared with 2025.

Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said: “It has been a demanding six months, and once again our business model and our people stood up to the test.” He said customer demand held firm and cargo operations kept revenue and cash levels healthy, while doubled jet fuel prices raised costs and reduced profitability.

Emirates characterized the result as remarkable against Gulf disruption and high fuel prices caused by the continuing regional conflict. Sheikh Ahmed credited the UAE government with a decisive response and coordination of stakeholders that enabled safe air-transport resumption after military activity across the Gulf.

He said easing travel advisories to and through the UAE allowed Emirates to restore operations with confidence and continue serving customers and communities. Intermittent airspace restrictions and closures across the region tested the airline's operational agility during the first six months, according to Emirates.

What has been delivered, and what is still promised?

In May, Emirates broke ground on a US$5.1 billion engineering, maintenance, repair and overhaul facility at Al Maktoum International Airport to support future fleet requirements. Completion is expected in the mid-2030s, making this a mid-decade promise rather than an operating asset during the 2026-27 half-year.

Emirates did not quantify the facility's future throughput or customer commitments. “Throughout this time, we have not paused our investments,” Sheikh Ahmed said.

He said Emirates and dnata would commit significant resources to fleet expansion, products, services and capabilities. He described those commitments as the way to remain ahead and resilient to external challenges.

Emirates extended its long-running Arsenal Football Club sponsorship through 2033 and its Real Madrid sponsorship through 2031. The Group described both as multi-year investments in global brand visibility, despite the operating and cost pressures recorded in the half-year results.

Can cargo carry the second half?

Sheikh Ahmed described his outlook for the second half of 2026-27 as measured optimism and said the Group would monitor costs and geopolitical developments. He said Emirates and dnata would focus on safety, quality and customer satisfaction, supported by what he described as a strong cash position and a foundation built over years.

Cargo repaired the revenue line, though not the profit line. Into the second half, the test is whether five freighters and one converted aircraft can convert scarcity-driven demand into steadier network growth while fuel prices and geopolitical conditions remain volatile.