MENA Newswire News Desk: Etihad Airways reported a strong profit of AED 1.4 billion (USD 368 million) for the first nine months of 2024, marking a 66% increase from AED 814 million (USD 222 million) during the same period last year. This substantial growth reflects the airline’s focus on expanding operations while enhancing efficiency and customer service.
Total revenue for the period reached AED 18.4 billion (USD 5.0 billion), a 21% rise from AED 15.1 billion (USD 4.1 billion) in 2023. This revenue boost was primarily attributed to a robust summer season, bolstered by the successful implementation of Etihad’s network expansion strategy and significant advancements in its cargo sector. The airline’s cargo operations saw a 21% rise in revenue to AED 3.0 billion (USD 808 million), with growth fueled by increased capacity, higher volumes, and improved yield.
Passenger operations continued to perform strongly, contributing AED 15.2 billion (USD 4.1 billion) in revenue – a 21% increase year-on-year. This growth was driven by expanded route networks and higher flight frequencies, which enhanced global connectivity. The airline reported transporting nearly 14 million passengers over the nine-month period, reflecting a 35% increase from the same timeframe in 2023. Passenger capacity, as measured by Available Seat Kilometers (ASK), reached 68.2 billion, up 31%, while the average load factor remained robust at 87%.
Operational efficiencies also improved, with Etihad reducing its Cost per Available Seat Kilometer (CASK) excluding fuel by 8%, despite the higher costs associated with scaling operations and service enhancements. The efficiency gains underscore Etihad’s commitment to balancing growth with cost optimization and high service standards. The airline has also introduced its fifth Airbus A380 and expanded service offerings with the opening of the new Terminal A at Abu Dhabi International Airport, further enhancing the passenger experience.
Etihad’s cargo business has expanded its strategic partnerships to strengthen UAE-China trade relations. Following a Joint Business Agreement with China Eastern Airlines earlier this year, Etihad Cargo extended its collaboration with SF Airlines, improving cargo capacity, transit times, and access to additional destinations in the region. This partnership is anticipated to further support Etihad’s competitive position in the cargo market.
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, emphasized the company’s growth trajectory and strategic focus. “We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21% increase in revenue and a 66% increase in profit after tax compared to the same period in 2023,” he said. Neves highlighted the dual strength in passenger and cargo revenue as central to the airline’s strategy, alongside improved customer satisfaction scores that reflect Etihad’s focus on service quality.
Etihad’s fleet also saw considerable expansion, with all six Airbus A321NEOs scheduled for 2024 now operational. Despite ongoing global aircraft shortages, Etihad has grown its fleet to 95 aircraft, a year-on-year increase of 16 aircraft. This fleet growth aligns with the airline’s long-term strategy to meet rising demand while continuing to elevate its offerings and operational efficiency.