Etihad Airways Achieves Record Profit Of AED 1.7 Billion In 2024 Driven By Strong Revenue Growth

Etihad Airways has reported a robust financial performance for 2024, achieving an AED1.7 billion profit after tax. This success was driven by AED20.8 billion in passenger revenue and AED4.2 billion from cargo operations. The airline's operational efficiency also saw significant improvements, contributing to these results.

Passenger numbers rose to 18.5 million, marking a 32% increase from the previous year. This growth was supported by a 28% rise in Available Seat Kilometres (ASK) and an improved passenger load factor of 87%, up from 86% in 2023.

In 2024, Etihad expanded its operations significantly, introducing over 1,700 weekly flights and increasing frequencies on 25 routes over two years. The airline launched more than 20 new destinations, including Boston, Jaipur, Bali, and Nairobi. Additionally, summer hotspots like Antalya and Santorini were added to the network.

The fleet also grew with the addition of 12 aircraft, including six A320 NEOs and the re-entry of its fifth A380 into service. This expansion supports Etihad's strategy to operate the youngest and most fuel-efficient fleet in the region.

Etihad invested heavily in enhancing customer experience, leading to a notable increase in Net Promoter Score (NPS). In 2024, the airline approved its largest-ever retrofit programme worth AED3 billion to improve cabin comfort and inflight experience further.

A dedicated premium call centre was introduced to offer faster service for premium travellers. Over 200 enhancements were made to the website and app to improve guest experience further.

Operational Efficiency and Financial Strength

The airline's operational efficiency improved with CASK and CASK ex-fuel decreasing by 3% and 4%, respectively. Costs related to central functions grew at a slower rate than capacity increases.

Etihad's strong top-line performance led to an EBITDA of AED4.7 billion, a 32% increase year-on-year. Profit after tax more than tripled due to strong passenger business momentum and cargo recovery.

Strategic Partnerships

Throughout the year, Etihad strengthened its network through strategic partnerships with airlines like China Eastern and SF Airlines. These collaborations aim to boost logistics capacity and expand network reach.

The airline maintained disciplined efficiency while focusing on productivity improvements across its operations.

Awards and Recognition

Etihad received multiple industry awards in 2024 for Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge. It was also named Environmental Airline of the Year by AirlineRatings.com for the third consecutive year.

The loyalty programme Etihad Guest reached a milestone of 10 million members during this period.

Leadership Insights

"We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions," said Mohammed Ali Al Shorafa, Chairman of Etihad Airways. "The unwavering commitment of our team has strengthened our airline."

"These results are testament to the dedication of our people who have worked together for a purpose," stated Antonoaldo Neves, CEO of Etihad Airways. "Their efforts have driven improvements in customer satisfaction measured across all cabin classes."

Workforce Development

The workforce grew to over 11,000 employees with more than 2,000 new hires and over 1,500 promotions. UAE National Talent initiatives progressed with over 70 Emirati cadet pilots graduating.

UAE Nationals now represent 20% of the workforce as part of Etihad's support for developing future aviation professionals in line with UAE talent strategy.

Fitch upgraded Etihad’s credit rating to A+ in July 2024 due to its stronger standalone credit profile reflecting continuous balance sheet deleveraging supported by strong cash generation.

With inputs from WAM