Emirates books record revenue despite war-hit routes

Emirates Group posts record earnings

The Emirates Group saw its net income rise 3% y-o-y to an all-time high in FY 2025/26 despite severe airspace disruptions triggered by the outbreak of the war at the end of February. The airline logged a net income of AED 21 bn, coupled with a record revenue of AED 150.5 bn, according to Dubai Media Office.

The breakdown: Emirates Airlines alone booked AED 19.7 bn in net income on AED 130.9 bn in revenue. Meanwhile, Emirates SkyCargo generated AED 16.2 bn in revenue, while its air services provider arm dnata posted a AED 23.6 bn top line.

The forward view: Emirates has about three-quarters of its flights operating at pre-conflict capacity, Emirates CEO Ahmed bin Saeed Al Maktoum said. Emirates is hedged on fuel until 2028-2029 and has secured the supply volumes needed to restore operations back to pre-disruption levels, he added. He also mentioned that the group’s capital reserves allow it to continue fleet and retrofit spending without “knee-jerk cost control measures.”

A strong start to the year offsets war disruption for Aramex

A strong start to the year helped Dubai-based logistics firm Aramex offset the disruption that hit regional trade flows in March, according to an earnings release (pdf). Net income came in at AED 17 mn, dipping just 1% y-o-y, while revenue rose 2% to AED 1.6 bn after momentum in January and February helped cushion the impact of weaker activity during the quarter.

Growth was led by domestic express revenue, which climbed 11% y-o-y, alongside a 9% rise in logistics revenue and 7% growth in freight forwarding. That helped offset weaker international express revenue, which fell 9% during the quarter.

Behind the results: Aramex said January and February had exceeded their expectations across key products and markets before the outbreak of regional conflict disrupted parts of its network and weighed on business activity across the Gulf. In March, some trade lanes faced temporary constraints, though the company maintained operational continuity by rerouting shipments and activating alternative gateways.

Geographically, the GCC and the Indian subcontinent still accounted for the lion’s share of revenues with 46%.

GMS earnings took the war hit

GMS earnings take a hit on the back of fleet suspension: Gulf Marine Services (GMS) saw its revenue slip 10% to USD 38 mn in 1Q 2026 as conflict in the Gulf led to a temporary suspension of part of its fleet, according to its financial release.

Fleet trimmed, revenues squeezed: GMS’ operations were heavily affected by the ongoing regional war, with average fleet utilization dropping to 74% (from 89% a year earlier) after the company temporarily evacuated four vessels from a GCC country as a precautionary measure. Despite the war drag, the group continued to expand its footprint, acquiring a new mid-class vessel in January and lifting its total fleet to 15. The purchase was partly financed through a USD 37.4 mn bridge loan, underscoring a strategy of selective growth even amid heightened operational disruption.