Etihad's nine-month profit surges 66%

Etihad Airways has reported a strong performance for the first nine months of 2024, posting a profit after tax of AED 1.4 billion, a 66% increase from AED 814 million in the same period last year.

The airline attributes this growth to its continued focus on expanding its network, improving operational efficiency, and enhancing customer service.

Total revenue for the period rose 21% to AED 18.4 billion, driven by a strong summer season, strategic network expansion and notable growth in cargo operations, particularly in the third quarter.

Passenger revenue also surged, increasing 21% to AED 15.2 billion. Etihad carried nearly 14 million passengers, a 35% year-on-year jump, with seat capacity and flight frequencies both rising significantly. The airline’s load factor was strong at 87%, up from 86% last year.

In cargo, Etihad saw a 21% revenue increase, reaching AED 3 billion, thanks to higher volumes, improved yields, and expanded capacity.

The airline also reported ongoing improvements in operational efficiency, with unit costs decreasing despite increased operating expenses related to fleet expansion and customer service upgrades.

Etihad's commitment to sustainability was reflected in a 8% reduction in cost per seat mile, excluding fuel.

Customer satisfaction remained high, bolstered by the introduction of the airline’s fifth A380 and improved services at the newly opened Terminal A at Zayed International Airport.

"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 compared to the same time last year," said Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group.

He added the airline's rolling 12-month passenger count reached nearly 18 million, an 80% increase compared to 2022.

Etihad has also expanded its network to 83 destinations as of September, up from 72 last year, with further growth expected by the end of the year.

In addition to fleet and network expansion, Etihad is investing in its people, relaunching its cadet programme and promoting over 1,000 pilots and crew members to ensure continued excellence in customer service.

We’re pleased to announce our financial results for the first nine months of 2024, with a profit of 1.4 Billion (U.S. $368 million), up 66% year-on-year. We thank our customers for their continued trust and support and will continue enhancing your travel experience.
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— Etihad Airways (@etihad) November 14, 2024