Emirates SkyCargo revenue climbs 52% as cargo volumes dip

Emirates SkyCargo carried 1.24 million tonnes of cargo in the first half of the 2026-27 financial year (1 April to 30 September 2026), down one percent from the same period last year. Even so, its cargo revenue rose 52 percent year-on-year. The regional conflict cut the airfreight capacity available on the market, and disruption to sea transport pushed shippers towards air. The Emirates Group discloses separate cargo revenue figures only with its full-year results.

The carrier grew its capacity during the period. It took delivery of five new Boeing 777 freighters and put its first passenger-to-freighter converted aircraft into service. SkyCargo added two new freighter destinations, Almaty and Zhengzhou. It also launched dedicated freighter services to more than 15 existing Emirates destinations and raised frequencies to several key markets, including the Far East.

As of 30 September, Emirates was operating 91 percent of its pre-disruption network, with passenger and cargo services to 150 airports in 78 countries and territories. Overall capacity in the first half fell 10 percent to 28.2 billion Available Tonne Kilometres (ATKM) because the airline flew a reduced schedule.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year, impacting our costs and profitability.”

Emirates’ profit before tax for the half year was AED 3.7 billion (US$ 1.0 billion), down 68 percent from its record AED 11.4 billion (US$ 3.1 billion) a year earlier. Profit after tax fell 66 percent to AED 3.3 billion (US$ 903 million). Revenue, including other operating income, dropped 13 percent to AED 56.9 billion (US$ 15.5 billion). The airline credited lasting travel demand, especially for premium cabins, and a solid contribution from its cargo business.

Emirates’ fuel costs before hedging gains rose 60 percent, even though it uplifted 12 percent less fuel. Hedging gains of AED 7.1 billion brought the net increase in fuel costs down to 13 percent. Fuel remains the airline’s largest operating cost, at 34 percent of the total.

dnata cargo handling down 6%
dnata, the Group’s aviation services arm, handled 1.49 million tonnes of cargo across its operations in the first half, down 6 percent. The number of aircraft turns it handled fell 8 percent to 414,012. Revenue from airport operations slipped 3 percent to AED 5.4 billion (US$ 1.5 billion) and remains dnata’s largest revenue source. Growth in its global business made up for some of the drop in customer airline operations at its UAE hub.

dnata continued to invest in its global cargo and logistics strategy. In Dubai, it opened a new integrated command centre to support its growing cargo operations and commissioned a new AED 100 million (US$ 27 million) logistics facility in Dubai South. Further afield, it announced a AU$ 32 million investment in a new cargo facility at Western Sydney International Airport and is planning an AED 37 million investment in Alat, Azerbaijan. It also launched new and expanded cargo operations at East Midlands Airport and Zurich Airport.

dnata also signed a cargo partnership with Silk Way Group in Singapore and won a seven-year ground handling licence at Amsterdam Schiphol Airport.

dnata’s profit before tax fell 51 percent to AED 410 million (US$ 112 million), and revenue dropped 7 percent to AED 11.0 billion (US$ 3 billion). Lower volumes in some of its UAE and UK businesses drove the decline.

Group performance
The Emirates Group posted a half-year profit before tax of AED 4.1 billion (US$ 1.1 billion), down 66 percent. Profit after tax was AED 3.6 billion (US$ 1.0 billion). Group revenue fell 12 percent to AED 66.2 billion (US$ 18.0 billion), from AED 75.4 billion (US$ 20.6 billion) last year. EBITDA was AED 12.5 billion (US$ 3.4 billion), 41 percent lower than the record AED 21.1 billion (US$ 5.7 billion) of a year earlier.

The Group’s cash position on 30 September 2026 was AED 54.1 billion (US$ 14.7 billion), compared with AED 59.6 billion (US$ 16.2 billion) on 31 March 2026. During the period, it paid the remaining AED 2 billion (US$ 545 million) of the AED 3.5 billion dividend declared for 2025-26 to its owner, the Investment Corporation of Dubai. Its workforce shrank 2 percent to 128,237 employees.

“We enter the second half of our 2026-27 financial year with measured optimism,” said Sheikh Ahmed. “With our strong cash position and solid foundation built up over the years, the Group is well-placed to navigate the headwinds of volatility and high fuel prices.”