Etihad Airways today announced its financial results for the first nine months of 2024, achieving AED1.4 billion ($368 million) in profit after tax, a significant 66 percent increase from AED814 million during the same period in 2023. The strong results reflect the airline’s ongoing strategy of driving growth across the business alongside optimizing operational efficiencies and improving customer service.
“This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction,” stated Antonoaldo Neves, CEO of Etihad Aviation Group.
The airline’s total revenue increased 21 percent to AED18.4 billion in the first nine months of 2024, up from AED15.1 billion in the same period last year. Etihad Airways attributed this growth to a strong summer season and the successful execution of the network expansion strategy, alongside significant growth in the cargo business, particularly in the third quarter of the year.
Passenger numbers surge 35 percent
The airline also revealed that its passenger revenue increased by 21 percent, reaching AED15.2 billion. This growth was driven by strategic network expansions and increased flight frequencies that further enhanced connectivity.
Etihad Airways carried almost 14 million passengers during the first nine months of the year, a 35 percent increase year-on-year. The available seat kilometres (ASK) reached 68.2 billion, up 31 percent year-on-year. Meanwhile, the average passenger load factor stood at 87 percent for the first nine months 2024, up from 86 percent in the same period last year.
“Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80 percent 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,” he added.
Etihad Airways’ cargo revenue also rose to AED3 billion, up 21 percent compared to the same period last year amid the increase in capacity, higher volumes, and greater yields.
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Etihad Airways boosts passenger experience
Etihad Airways’ operational efficiencies continued to improve, with unit costs decreasing year-on-year despite increased operating costs due to growth and investments to enhance products and customer experience. Cost per available seat kilometre (CASK) ex-fuel declined by 8 percent compared to the same period last year, highlighting Etihad’s ongoing commitment to efficiency and quality.
The overall passenger experience continued to improve, with customer satisfaction showing a positive trend. Highlights included the introduction of Etihad’s fifth A380 and better services at the new Terminal A at Zayed International Airport. The airline also expanded flight options in more convenient time slots, underscoring its commitment to delivering a seamless travel experience for all guests.
“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,” added Neves.
Following the announcement of the airline’s joint business agreement with China Eastern in the second quarter, Etihad Cargo also extended its partnership with SF Airlines to boost UAE-China trade by enhancing capacity, transit times, and destination access.
“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,” he added.
