Emirates SkyCargo lifts cargo revenue 52% on 1% volume dip

Emirates SkyCargo grew cargo revenue 52% year-on-year in the first half of its 2026-27 financial year despite carrying 1% less freight — 1.24 million tonnes between 1 April and 30 September 2026. Regional conflict tightened airfreight capacity, and disruption to sea transport pushed shippers toward air, driving yields sharply higher. The Emirates Group discloses separate cargo revenue figures only with full-year results, so the half-year number stays inside the group total.

Volume down, revenue up. That's the whole story of this half for the Dubai carrier's cargo arm.

How did Emirates build capacity through the disruption?

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

Network-wise, Emirates operated 91% of its pre-disruption network as of 30 September, serving 150 airports across 78 countries and territories with passenger and cargo services. Overall capacity still fell 10% to 28.2 billion Available Tonne Kilometres because the airline flew a reduced schedule — the supply squeeze that underpins the cargo revenue surge.

What did fuel do to profitability?

Group chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum 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."

The numbers back him up. Emirates' profit before tax fell 68% to AED 3.7 billion (US$1.0 billion) from a record AED 11.4 billion (US$3.1 billion) a year earlier. Profit after tax dropped 66% to AED 3.3 billion (US$903 million), and revenue including other operating income slipped 13% to AED 56.9 billion (US$15.5 billion). Fuel costs before hedging rose 60% even though the airline uplifted 12% less fuel; hedging gains of AED 7.1 billion capped the net increase at 13%. Fuel remains the carrier's largest operating cost at 34% of the total.

What happened at dnata?

The Group's aviation services arm handled 1.49 million tonnes of cargo in the half, down 6%, while aircraft turns fell 8% to 414,012. Airport operations revenue slipped 3% to AED 5.4 billion (US$1.5 billion) but remains dnata's largest revenue source, with growth in its global business offsetting part of the drop in customer airline operations at its UAE hub.

dnata kept investing through the downturn:

• Opened a new integrated command centre in Dubai for its growing cargo operations
• Commissioned a AED 100 million (US$27 million) logistics facility in Dubai South
• Announced an AU$32 million cargo facility at Western Sydney International Airport
• Planning an AED 37 million investment in Alat, Azerbaijan
• Launched new and expanded cargo operations at East Midlands Airport and Zurich Airport
• Signed a cargo partnership with Silk Way Group in Singapore
• Won a seven-year ground handling licence at Amsterdam Schiphol Airport

dnata's profit before tax fell 51% to AED 410 million (US$112 million) on revenue down 7% at AED 11.0 billion (US$3 billion), dragged lower by softer volumes in parts of its UAE and UK businesses.

Where does the Group stand overall?

The Emirates Group posted half-year profit before tax of AED 4.1 billion (US$1.1 billion), down 66%, with profit after tax of AED 3.6 billion (US$1.0 billion). Group revenue fell 12% to AED 66.2 billion (US$18.0 billion) from AED 75.4 billion (US$20.6 billion), and EBITDA dropped 41% to AED 12.5 billion (US$3.4 billion) against last year's record AED 21.1 billion (US$5.7 billion).

Cash stood at AED 54.1 billion (US$14.7 billion) on 30 September 2026, against AED 59.6 billion on 31 March. The Group paid the remaining AED 2 billion (US$545 million) of its AED 3.5 billion dividend for 2025-26 to owner the Investment Corporation of Dubai during the period, and its workforce shrank 2% 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."

For airfreight buyers, the message is starker: with Emirates flying 10% less capacity and conflict still constraining supply, elevated air cargo rates look set to persist into the second half.