Emirates first-half profits slump 66% on war, fuel costs

Emirates Group, the region's largest airline, reported a 66% decrease in first-half profits due to the Middle East war and soaring fuel prices. The Dubai-based state-owned group saw net profits drop from $2.9 billion to $1 billion, despite a drop in passenger numbers and a 13% decline in revenues. Sheikh Ahmed bin Saeed al-Maktoum, Emirates' chairman and CEO, acknowledged the unprecedented challenges and high fuel prices, which had a significant impact on the company's finances.

The airline has implemented measures to boost customer confidence, such as comprehensive travel insurance and flexible booking policies. Emirates carried 21.8 million passengers between April and September, a 22% decrease from the same period last year. However, cargo operations proved resilient, with a 52% increase in revenue despite a slight decline in transported volumes.

The company remains cautiously optimistic about the second half of the fiscal year, while closely monitoring costs and geopolitical developments. Air France-KLM and Turkish Airlines also reported improved profits despite high fuel costs, while Maersk raised its 2026 profit guidance due to higher prices.