Emirates Group profits plunge 66% as Middle East war and fuel costs hit airline operations

Emirates Group, the largest airline in the Middle East, has reported a 66% year-on-year decline in first-half profit due to the war in the Middle East, soaring fuel costs, and disruptions to regional airspace. The UAE-based group attributed its half-year profit after tax of AED 3.6 billion to these factors, with Emirates airline's profit before tax dropping 68% to AED 3.7 billion.

Despite the challenges, the group's revenue declined by only 12% to AED 66.2 billion, driven by a strong performance in its cargo business. The group's chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum, acknowledged the unprecedented challenges but praised the business model and people for standing up to the test. The group has also introduced initiatives to boost customer confidence, including a comprehensive travel insurance policy and generous refund policies.

Brief written by urgent.news from IOL's own syndicated text. Machine-written — may contain errors; check the original before relying on it.