Etihad Airways Reports AED 1.4 Billion Profit for First Nine Months of 2024

Abu Dhabi, The Gulf Observer: Etihad Airways today reported a robust financial performance for the first nine months of 2024, achieving a profit after tax of AED 1.4 billion (USD 368 million), marking a substantial increase from AED 814 million (USD 222 million) in the same period of 2023. This notable growth underscores the airline’s focus on driving expansion, enhancing operational efficiencies, and elevating customer service.

The airline’s total revenue surged by 21 percent, reaching AED 18.4 billion (USD 5.0 billion), up from AED 15.1 billion (USD 4.1 billion) in the prior year, bolstered by a successful summer season and significant cargo business growth, particularly in the third quarter.

Passenger revenue also saw a 21 percent increase to AED 15.2 billion (USD 4.1 billion), supported by strategic network expansion and higher flight frequencies that enhanced connectivity. Etihad transported nearly 14 million passengers in the nine months to September 30, a 35 percent year-on-year increase. Available Seat Kilometres (ASK) reached 68.2 billion, marking a 31 percent rise from the previous year, while the average passenger load factor rose to 87 percent, up from 86 percent in 2023.

Cargo revenue climbed to AED 3.0 billion (USD 808 million), a 21 percent increase year-on-year, driven by expanded capacity, higher volumes, and improved yields.

Operational efficiencies continued to advance, with Cost per Available Seat Kilometre (CASK) ex-fuel decreasing by 8 percent, despite higher operating costs associated with expansion and investments aimed at enhancing products and customer experience. Etihad’s dedication to efficiency and quality remains evident in its efforts to reduce costs while improving service.

Customer satisfaction has shown consistent improvement, highlighted by the introduction of Etihad’s fifth A380 and services enhanced by Terminal A at Zayed International Airport. Expanded flight options in convenient time slots further exemplify Etihad’s commitment to providing a superior travel experience.

Additionally, Etihad Cargo extended its partnership with SF Airlines in the third quarter to boost UAE-China trade, enhancing cargo capacity, transit times, and destination access.

Etihad Aviation Group CEO, Antonoaldo Neves, commented, “We are happy to report strong results for the first nine months of 2024, with a 21 percent increase in revenue and a 66 percent rise in profit after tax year-on-year. This impressive growth reflects our effective strategy and growth trajectory, with continued improvements in customer satisfaction.”

Neves noted that Etihad’s fleet expansion remains on track, with all six A321NEOs scheduled for delivery in 2024 now in service. Despite a global aircraft shortage, the airline’s fleet has grown to 95 aircraft, marking an increase of 16 compared to last year.

These results underscore Etihad’s commitment to strategic growth and quality service, as the airline solidifies its position as a leading international carrier.