Etihad Airways Reports 66% Profit Surge and Strong Growth in 2024
Etihad Airways has revealed its financial results for the nine months ending September 30, 2024, posting significant gains across various key metrics. The Abu Dhabi-based airline reported a profit after tax of AED 1.4 billion ($368 million), a 66% increase compared to AED 814 million ($222 million) in the same period in 2023.
Total revenue for the carrier surged by 21%, reaching AED 18.4 billion ($5 billion), up from AED 15.1 billion ($4.1 billion) in 2023. Etihad attributed the growth to the success of its network expansion strategy and substantial growth in the cargo sector, particularly in Q3 2024.
Passenger Growth and Network Expansion
Passenger revenues saw a 21% increase, totaling AED 15.2 billion ($4.1 billion), driven by expanded network routes and increased flight frequencies. Etihad carried nearly 14 million passengers in the first nine months of 2024, marking a 35% year-on-year increase. The airline’s Available Seat Kilometers (ASKs), a key measure of capacity, rose by 31% to reach 68.2 billion. The carrier’s passenger load factor also improved slightly, reaching 87%, compared to 86% in the same period last year.
CEO Antonoaldo Neves highlighted the airline’s strong performance in passenger and cargo revenue, attributing the success to the effective execution of Etihad’s strategic plan. “We are pleased to report a 21% revenue increase and a 66% profit after tax growth compared to 2023,” Neves said. “This reflects the strength of our growth trajectory and the ongoing improvements in customer satisfaction.”
Cargo Business Drives Additional Revenue
Etihad’s cargo division also performed well, with revenues rising by 21% to AED 3.0 billion ($808 million). The airline’s commitment to operational efficiency was evident, as unit costs decreased year-on-year despite increased operating expenses. Etihad reported an 8% reduction in cost per Available Seat Kilometer (CASK) excluding fuel, highlighting ongoing efforts to improve efficiency.
Fleet Expansion and Operational Improvements
As part of its growth strategy, Etihad has expanded its fleet, which now includes 96 aircraft. The fleet comprises a mix of Boeing and Airbus models, including 14 A320s, nine A321s, six A321neos, five A350-1000s, five A380s, and various 777 and 787 variants. The airline has also successfully relaunched its cadet program and promoted more than 1,000 pilots and crew members in 2024, further enhancing its service capabilities.
The airline also brought back a fifth Airbus A380 into service and expanded its ground services at the newly opened Terminal A at Zayed International Airport in Abu Dhabi. Etihad’s fleet is expected to grow further with the delivery of six A321neos, all of which are now in service.
Looking Ahead
Etihad’s network now spans 83 destinations, a notable increase from 72 destinations in 2023, with more growth anticipated by the end of the year. The airline’s rolling 12-month passenger count reached nearly 18 million, reflecting a nearly 80% increase from 2022, underscoring the rapid pace of its recovery and growth.
As the airline continues to invest in its fleet, services, and people, Etihad remains committed to delivering high-quality service and operational excellence, ensuring it stays at the forefront of the competitive aviation industry.
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