Emirates, dnata profits: How Dubai aviation group stayed in the black despite war, soaring fuel costs

Dubai-based aviation group Emirates and its subsidiary dnata have managed to stay profitable during one of the most challenging periods for the regional aviation industry. The group reported a Dh4.1 billion profit before tax for the six months to September 30, 2026, despite reduced passenger numbers, higher fuel costs, and a 66% decline in revenue compared to the same period last year.

Emirates Group's cargo division, SkyCargo, proved to be a significant contributor to the company's profitability. While passenger operations were impacted by airspace restrictions and reduced flying schedules, cargo revenues surged by 52%. The airline expanded its cargo network, adding new destinations and increasing frequencies to important markets.

Furthermore, Emirates entered into fuel-price hedging agreements, which helped mitigate the impact of a 60% increase in fuel costs. These financial strategies allowed the company to offset the increase and maintain profitability.

On the other hand, dnata, the airport services subsidiary, benefitted from its international operations, which helped cushion the impact of weakened airline and travel activity in the UAE and the broader Gulf region. While revenues fell by 7%, profits before tax declined by 51% due to reduced volumes in some of its UAE and UK businesses. However, international operations helped offset the weaker performance in the domestic market.