Emirates SkyCargo lifts revenue as conflict constrains capacity

By Elena Vasquez

Emirates SkyCargo increased cargo revenue by roughly 50% in the first half of fiscal 2026-27, with the carrier’s detailed comparison putting the gain at 52%, even as cargo volume slipped 1% to 1.24 million tonnes.

Between April 1 and September 30, the carrier transported 1.24 million tonnes, compared with 1.25 million tonnes in the same six months of the prior year. The 10,000-tonne reduction left Emirates with a nearly flat freight base against a much larger revenue gain, although the carrier did not publish an absolute cargo-revenue figure.

What did the conflict change?

Emirates said the gains occurred “as the regional conflict reduced available airfreight capacity while concurrently pushing shippers to seek airfreight options due to marine transport disruptions”.

For shippers, the conflict disrupted marine transport and reduced available airfreight capacity at the same time. Carriers could monetize that scarcity, while forwarders had fewer freighter choices as more shippers sought air cargo.

Emirates published no spot rate, contract rate or dollar-per-kilogram measure, so the figures do not quantify how much of the revenue increase came from pricing rather than cargo mix. The combination of falling tonnage and sharply higher revenue nevertheless shows that constrained capacity, rather than additional shipment volume, drove the cargo result.

How hard did the conflict hit the group?

The Middle East conflict hit passenger operations hard, and the pressure carried into Emirates’ overall financial performance.

• Emirates Airline: Half-year profit before tax of AED3.7 billion ($1 billion), down 68%; revenue of AED56.9 billion ($15.5 billion), down 13%.
• Emirates Airline and Group: Profit before tax of AED4.1 billion ($1.1 billion), down 66%; revenue of AED66.2 billion ($18 billion), down 12%.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, described the period as:

“It has been a demanding six months, and once again our business model and our people stood up to the test.

Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 1.1 billion).

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.”

His assessment placed cargo at the center of the Group’s resilience as passenger operations weakened. The doubling in global jet fuel prices also increased the cost pressure behind the decline in profit, even though the Group remained profitable.

What capacity did Emirates add?

During the same six months, Emirates SkyCargo took delivery of five new Boeing 777 freighters and deployed the first passenger-to-freighter conversion from IAI. The carrier also added Almaty and Zhengzhou to its freighter network.

Emirates introduced dedicated freighter services to more than 15 existing destinations and increased frequencies in several key markets, including Far East markets. The additional aircraft expanded lift across that network, although Emirates disclosed no payload, utilization or available freight-tonne-kilometer figures.

For shippers and forwarders, dedicated services across more than 15 destinations and higher frequencies in key Far East markets create additional routing and scheduling choices. The capacity additions also give Emirates more options for redeploying freighter aircraft as conflict-related constraints change.

How is dnata expanding ground handling?

Emirates-owned dnata handled 1.49 million tonnes of cargo during the period, down 6%. Despite the volume decline, the company opened an integrated command centre in Dubai to support its growing cargo operations.

Dnata also signed a multi-year agreement with freighter operator Silk Way West Airlines at Singapore’s Changi Airport. The agreement broadens the ground handler’s airline relationships at Changi, although Emirates did not disclose its exact duration or commercial value.

The company announced plans to build a new cargo facility at Western Sydney International Airport and progressed new and expanded cargo operations at East Midlands Airport and Zurich Airport. These projects will extend dnata’s handling footprint at three airports, but the carrier announced no opening dates, throughput targets or capital values.

As conflict-driven constraints continue to shape supply, the coming months will test whether five new freighters, two added destinations and dnata’s airport projects can ease the capacity squeeze while preserving cargo’s contribution to revenue.