Etihad reports record-breaking profit...

Airline’s US$368 million gain represents significant year-on-year increase

UAE flagship carrier Etihad has recorded a US$368 million profit after tax for the period from January to September 2024, the airline announced this week.

Total revenue increased 21% to US$5 billion in the first nine months of 2024, up from US$4.1 billion in the same period last year.

According to the airline, the growth was driven by a strong summer season as a consequence of the successful execution of its network expansion strategy, alongside significant growth in the cargo business, particularly in the third quarter of the year.

Passenger revenue increased by 21%, reaching US$4.1 billion, driven by both network expansion and increased flight frequencies.

Etihad carried almost 14 million passengers from January to September, up 35% year-on-year. The average passenger load factor stood at 87% for the same period, up from 86% in the same period last year.

Cargo revenue rose to US$808 million, also up 21% compared to the same period last year, driven by increased capacity, higher volumes and improved yields.

The overall passenger experience continued to improve, with customer satisfaction showing a sustained positive trend.

Highlights included the introduction of Etihad’s fifth A380 and enhanced services supported by the new Terminal A at Zayed International Airport, along with expanded flight options in more convenient time slots, underscoring Etihad’s commitment to delivering a seamless and elevated travel experience for all guests.

Antonoaldo Neves, CEO of Etihad Aviation Group, said: “Our operating fleet continues to expand, with all six A321Neos scheduled for delivery in 2024 now in service. Despite the continued global aircraft shortage, our fleet has grown to 95 aircraft, an increase of 16 aircraft compared to the same time last year.

“Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80% compared to 2022 and underscoring the pace of our growth over the past two years. We’ve also extended our network to 83 destinations as of September, up from 72 a year ago, with further growth expected by year-end.

“We are also proud to report that, alongside our growth, we continue to invest in and develop our people. This year, we successfully relaunched our cadet program and promoted more than 1,000 pilots and crew members, empowering them with the skills and experience needed to continue delivering excellence in service to our customers.

For more information, visit www.etihad.com

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