Etihad Airways has posted impressive financial results for the first nine months of 2024, reporting a profit after tax of AED 1.4 billion (AU $575 million), a 66 per cent increase compared to AED 814 million (AU $347 million) in the same period last year.
The growth highlights the effectiveness of the airline’s strategy focused on expanding its network, optimising operations and enhancing customer service.
The airline’s total revenue soared by 21 per cent, reaching AED 18.4 billion (AU $7.4 billion), up from AED 15.1 billion (AU $6.0 billion) in 2023 – driven by a strong summer season, a successful network expansion, and significant growth in cargo business, especially during the third quarter.
“We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21 per cent increase in revenue and a 66 per cent increase in profit after tax compared to the same period in 2023,” Etihad Aviation Group CEO Antonoaldo Neves said.
“This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction. ”
Passenger revenue increased by 21 per cent, fuelled by expanded flight frequencies and increased connectivity, with Etihad carrying almost 14 million passengers, marking a 35per cent increase year-on-year. The airline’s
Cargo revenue also saw a significant 21 per cent increase, totalling AED 3.0 billion (AU $1.2 billion), driven by higher volumes, increased capacity, and improved yields.
Operational efficiencies continue to be a key focus for Etihad, with unit costs decreasing despite the increased operating costs associated with growth and investments. Cost per Available Seat Kilometre (CASK) ex-fuel dropped 8 per cent compared to the previous year.
The airline’s commitment to enhancing the passenger experience is evident through the introduction of a fifth A380 aircraft and the new Terminal A at Zayed International Airport. These enhancements, along with expanded flight options, reflect Etihad’s dedication to delivering a seamless travel experience.
Etihad’s growth is further evidenced by its increasing fleet size, with all six A321NEOs scheduled for delivery in 2024 now in service, bringing the total fleet to 95 aircraft, an increase of 16 from the previous year. The airline also expanded its network to 83 destinations, up from 72 in September 2023, with further growth expected by year-end.
“We extend our heartfelt thanks to our customers for their continued trust and support. We are committed to enhancing their travel experience to be the airline that everyone wants to fly,” Neves continued.
“I also want to express my sincere gratitude to our team. Their hard work and dedication at every point of our customer journey and coming together for a purpose has been crucial in achieving these results. Together, we’ve made a significant impact, and I thank them for their commitment.”
