Etihad Airways Achieves AED 1.4 Billion Profit For First Nine Months Of 2024, Marking A 66% Increase Year-on-Year

Etihad Airways has reported a profit of AED 1.4 billion (U.S.$368 million) for the first nine months of 2024, marking a substantial rise from AED 814 million (U.S.$222 million) in the same period last year. This growth reflects the airline's strategic focus on expanding its business while enhancing operational efficiency and customer service.

The airline's total revenue surged by 21% to AED 18.4 billion (U.S.$5.0 billion), up from AED 15.1 billion (U.S.$4.1 billion) in 2023. This increase was largely due to a robust summer season, successful network expansion, and significant growth in the cargo sector, particularly during the third quarter.

Passenger revenue also rose by 21%, reaching AED 15.2 billion (U.S.$4.1 billion). This was driven by strategic network expansion and increased flight frequencies, which improved connectivity. Etihad transported nearly 14 million passengers in the first nine months of the year, a 35% increase compared to last year.

Cargo revenue climbed to AED 3.0 billion (U.S.$808 million), reflecting a 21% rise from the previous year. This growth was attributed to increased capacity, higher volumes, and better yields. The airline's commitment to operational efficiency is evident as unit costs decreased despite higher operating expenses linked to growth and investments.

The cost per Available Seat Kilometre (CASK) excluding fuel dropped by 8% compared to last year, highlighting Etihad's dedication to maintaining efficiency and quality. The overall passenger experience continued to improve, with customer satisfaction showing positive trends.

Notable enhancements included the introduction of Etihad’s fifth A380 aircraft and improved services at Zayed International Airport’s new Terminal A. Expanded flight options at more convenient times further demonstrate Etihad’s commitment to providing an elevated travel experience for all guests.

Fleet Expansion and Strategic Partnerships

Etihad's fleet has grown to 95 aircraft, an increase of 16 planes compared to last year, despite global aircraft shortages. All six A321NEOs scheduled for delivery in 2024 are now operational. The airline also extended its partnership with SF Airlines following a Joint Business Agreement with China Eastern earlier this year.

This collaboration aims to enhance UAE-China trade by improving capacity, transit times, and destination access. Antonoaldo Neves, CEO of Etihad Aviation Group, stated: "We are happy to report a strong performance for the first nine months of the 2024 financial year."

Neves added: "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." He noted ongoing improvements in customer satisfaction as well.

The positive financial results underscore Etihad Airways' successful strategies in expanding its network and enhancing customer experiences while maintaining operational efficiencies amidst global challenges.

With inputs from WAM