Etihad Airways revealed its financial results for the full year 2024, showcasing strong performance across all key metrics with a AED1.7 billion ($462.8 million) profit after tax, driven by AED20.8 billion ($5.77 billion) passenger revenue and AED4.2 billion ($1.1 billion) cargo revenue, alongside notable operational efficiency improvements. Total revenue experienced a year-on-year increase of 25 percent, reaching AED25.3 billion ($6.9 billion). This growth was fueled by remarkable performance in both passenger and cargo sectors. Passenger revenue rose by AED4.2 billion, marking a 25 percent increase compared to 2023, due to an expanded network and increased capacity. Cargo revenue climbed by 24 percent compared to the previous year, driven by heightened capacity and volume, along with improved yields in the latter half of the year.
The airline transported 18.5 million passengers last year, a remarkable 32 percent increase from the previous year, reflecting robust and sustained demand across its expanding network. This growth was driven by a 28 percent year-on-year rise in Available Seat Kilometres (ASK) and an enhanced passenger load factor, which reached 87 percent in FY24, compared to 86 percent in 2023.
Expansion of operations and fleet
In 2024, the airline expanded its operations to over 1,700 weekly flights, enhancing frequencies on 25 routes over the past two years. It also introduced over 20 new destinations, including Boston, Jaipur, Bali, and Nairobi, as well as summer hotspots like Antalya, Nice, and Santorini, with more than 10 of these cities set to commence operations in 2025. The airline’s operating fleet continued to grow with the addition of 12 aircraft, including six A320 NEOs, and the reintroduction of its fifth A380. Etihad now boasts the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimize carbon emissions while enhancing service offerings.
Commitment to customer experience
The airline invested in enhancing customer experience, resulting in a significant increase in NPS, reflecting improved operational and service satisfaction. In 2024, Etihad approved a AED3 billion retrofit program—its largest-ever—which is expected to further elevate cabin comfort, inflight experience, and NPS once implemented. Additionally, Etihad launched a dedicated premium call center, delivering faster and more personalized service for premium travelers, leveraging AI to enhance productivity. Over 200 improvements were made to the website and app to further enhance guest experience. Furthermore, the airline’s loyalty program, Etihad Guest, reached a milestone of 10 million members.
Industry recognition and awards
In recognition of these achievements, Etihad received multiple industry awards from organizations such as World Travel Awards and Business Traveller Awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge. It was also named Environmental Airline of the Year by AirlineRatings.com in 2024 for the third consecutive year.
Workforce growth and UAE talent initiatives
Etihad’s team expanded to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions. UAE National Talent initiatives advanced as over 70 Emirati cadet pilots graduated, with more than 3,000 applications received for the latest cadet program. UAE Nationals now comprise 20 percent of the workforce, emphasizing Etihad’s commitment to the UAE talent strategy and its role in developing future aviation professionals.
His Excellency Mohammed Ali Al Shorafa, chairman of Etihad Airways, stated: “We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realize our ambitions and consistently delivering the reliable, best-in-class service that defines our operations. The unwavering commitment of our team has strengthened our airline, boosting efficiency while consistently improving our exceptional customer experience.”
Antonoaldo Neves, chief executive officer of Etihad Airways, remarked: “These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy. Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety.”
“Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder’s mandate, and contributing to the long-term prosperity and success of the UAE.”
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Enhancing profitability and operational efficiency
Throughout 2024, Etihad boosted profitability and expanded margins through an optimized fleet and network, improved efficiency, and a sustained focus on productivity. The airline further strengthened its network through 126 interline, codeshare, and strategic partnerships, including a groundbreaking partnership with China Eastern—first of its kind between a Middle Eastern and Chinese airline—and a strategic partnership with SF Airlines to enhance logistics capacity and network reach.
Etihad achieved further operational efficiency, with CASK and CASK ex-fuel decreasing by 3 percent and 4 percent respectively. Increased efficiency was also evident in costs related to central functions, which grew at a much lower rate than capacity.
Strong top-line performance and ongoing improvements in unit costs resulted in a remarkable operating result, with EBITDA reaching AED4.7 billion, a 32 percent year-on-year increase. Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad’s cargo operations, and a significant reduction in net finance costs—down by nearly AED1 billion, or 80 percent year-on-year—reflecting continuous balance sheet deleveraging supported by strong cash generation.
In light of Etihad’s significant improvements, credit rating agency Fitch upgraded the airline’s rating to A+ in July 2024, citing its materially stronger standalone credit profile.
