Etihad Airways Reports Significant 48% Profit Surge To AED 851 Million In First Half Of 2024

Etihad Airways reported a 48 percent rise in profit after tax for the first half of 2024, reaching AED851 million (US$232 million). This is a significant increase from AED575 million (US$157 million) in the same period last year. The airline's total revenue also grew by 21 percent to AED11.7 billion (US$3.2 billion), up from AED9.6 billion (US$2.6 billion) in H1 2023.

The increase in total revenue was largely driven by passenger revenue, which saw a 24 percent year-on-year rise. This growth was attributed to strategic network expansion and increased flight frequencies. Additionally, cargo revenue experienced a notable 10 percent increase compared to the same period in 2023, primarily due to higher demand and increased cargo capacity of the fleet.

Etihad Airways carried 8.7 million passengers in the first half of the year, marking a 38 percent year-on-year increase. This growth rate is nearly three times higher than the International Air Transport Association's (IATA) reported average growth rate of 13 percent for Middle Eastern carriers during the same period.

Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, highlighted that Etihad's passenger numbers accounted for over 63 percent of the total 13.7 million passengers at Zayed International Airport from January to June 2024. This represents an approximate 34 percent increase in passenger numbers through the airport compared to H1 2023, underscoring Etihad's significant role in boosting Abu Dhabi's tourism and trade.

Al Shorafa further emphasised that Etihad plays a crucial role in advancing Abu Dhabi's tourism and economic development. The airline's strategic growth and network expansion not only enhance connectivity but also significantly contribute to the UAE's economic prosperity.

Fleet Expansion and Efficiency

Antonoaldo Neves, CEO of Etihad Aviation Group, noted that despite global aircraft shortages, Etihad has added 16 more aircraft to its fleet of 92 compared to the same time last year. This includes three A321neos. "We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines," he said.

Neves also mentioned that over the next 18 months, Etihad plans to add more than 20 new-generation aircraft to its fleet. These new aircraft offer reduced emissions and up to 20 percent more efficiency compared to previous models.

The average passenger load factor for H1 2024 stands at 85 percent, remaining unchanged from the first half of last year.

This performance highlights Etihad Airways' robust growth strategy and its pivotal role in enhancing connectivity and economic development within Abu Dhabi and beyond.

With inputs from WAM