Etihad Airways Reports $368 Mn Profit In First Nine Months Of 2024

Etihad Airways declared a profit after tax of USD 368 million for the first nine months of 2024, a per cent increase from USD 222 million recorded during the same period in 2023. 

In the first nine months of 2024, Etihad's total revenue reached USD 5 billion, up 21 per cent year-on-year from USD 4.1 billion in the previous year. This increase was due to a strong summer season and growth in the cargo sector, which particularly gained momentum in the third quarter. Passenger revenue rose 21 per cent to USD 4.1 billion, with nearly 13.6 million passengers carried over the period, a 35 per cent rise from the same time last year. The airline also reported a 31 per cent increase in Available Seat Kilometres (ASK), while the average passenger load factor rose to 87 per cent from 86 per cent in 2023.

The airline's cargo revenue rose 21 per cent year-on-year, reaching USD 808 million, due to increased capacity, higher volumes and improved yields. Operational efficiencies also continued to improve, with unit costs (excluding fuel) decreasing by 8 per cent compared to the same period last year.

Throughout 2024, Etihad expanded its fleet, adding six A321NEOs and increasing its total aircraft count to 95, up from 79 in September 2023. This included five freighters, contributing to a 14 per cent increase in cargo tonnes compared to last year. The airline also expanded its network to 83 destinations, up from 72 the previous year and signed agreements to strengthen trade routes, including an extended partnership with SF Airlines for UAE-China trade.

Etihad’s CEO, Antonoaldo Neves, stated the airline’s efforts in expanding its fleet and services, stating that the growth in destinations and increased aircraft have helped meet rising passenger demand. Neves also noted the role of the airline’s operational efficiencies in its financial performance, despite increased operating costs associated with growth and service improvements.

Along with the passenger and cargo growth, Etihad has also expanded its workforce and initiated a cadet program to meet operational needs. The airline plans to continue building on its network and fleet expansions as it approaches the year-end.