Etihad Airways has achieved in Q1 2024 net income of AED526 million ($143.2 million). This represents a substantial improvement compared to the same period in 2023, setting a strong foundation for the 2024 fiscal year.
The Abu-Dhabi based company experienced a noteworthy surge in total revenue, which rose by AED987 million ($268.7 million) from Q1 2023 to Q1 2024.
Revenue climbed from AED4.752 billion ($1.29 billion) to AED5.739 billion ($1.56 billion) during this period.
This increase can be attributed to the expansion of their network capacity and the rise in the number of passengers.
Recently, Etihad Airways established reciprocal interline partnerships with five additional airline partners, significantly expanding the range of travel options available to its passengers within its growing global network.
Over the course of the quarter, Etihad Airways transported 4.2 million passengers, reflecting a year-on-year growth of 41 percent.
The average passenger load factor remained steady at 86 percent for Q1 2024, matching the performance of the previous year. Revenue from cargo and other sources remained relatively stable throughout this period.
Etihad Airways has made significant strides in enhancing operational efficiency, resulting in a decrease in unit costs compared to the same quarter in the previous year.
Both cost per available seat kilometer (CASK) and CASK excluding fuel showed reductions of 9 percent and 11 percent, respectively.
During this timeframe, Etihad focused on optimizing its network by improving existing routes and increasing flight frequencies to key destinations.
Introducing new flights
Additionally, the airline introduced new flights to Thiruvananthapuram, Kozhikode, and Boston, while also announcing additional routes to Antalya and Jaipur.
This expansion has led to a 34 percent increase in Etihad’s total weekly flights for the upcoming peak summer season, growing from 642 flights last year to 858 flights in 2024.
Furthermore, Etihad Airways played a vital role in boosting Abu Dhabi’s tourism sector, resulting in a 43 percent increase in inbound point-to-point traffic compared to the first quarter of 2023.
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