Emirates profits plunge 66% due to effects of war in the Gulf

Emirates Group announced a 66% drop in its net profit for the first half of fiscal year 2026-2027, impacted by rising jet fuel costs and air navigation disruptions caused by the war in the Gulf, despite strong cargo performance.

Emirates Group, which includes Emirates airline, announced on Thursday a 66% decline in its net profit for the first half of the current fiscal year compared to the same period last year, affected by higher jet fuel costs and air navigation disruptions due to the war in the Gulf. The group's net profit after tax reached 3.6 billion dirhams (about $1 billion), compared to $2.9 billion in the same period last year. The early months of the US-Israeli war on Iran saw Iranian drone and missile attacks targeting UAE territory, disrupting air traffic. Energy prices surged significantly following Iran's closure of the Strait of Hormuz, vital for oil and LNG exports. Passenger traffic through Emirates between April and September dropped 22% year-on-year, reaching 21.8 million passengers.