Etihad Airways Announces Big Profit

Daniel Fowkes
10 May 2024
· Airlines 
Etihad Airways has announced a USD 143 million profit for Q1 2024 after an incredibly successful first three months of the calendar year.

Etihad Airways has published its first quarter results for 2024, which showcase an AED 526 million profit (USD 143 million) in the year’s first three months.

Ultimately, the improvement between financial years is substantial. In Q1 of 2023, the airline only recorded an AED 59 million (USD 16 million) profit; thus, the performance across 2024 has been massive.

Across the quarter, the airline also saw total revenue increase by AED 987 million (USD 269 million). Meanwhile, load factors were recorded at 86%. However, this didn’t increase from the same period one year prior.

Ultimately, Etihad Airways says the solid performance can be attributed to the continued network capacity increases. Not only has Etihad Airways looked to grow its network across the last 12 months through new routes and frequency increases, but it’s upgraded aircraft to existing destinations.

The Abu Dhabi-based airline is accelerating towards future growth through Journey 2030. As part of these plans, the airline wants to more than double its fleet and add many new destinations while boosting the frequency of others.

In the first quarter, the airline highlighted a 43% increase in inbound point-to-point traffic. Etihad Airways is aware of its role in boosting the economy across the UAE and Abu Dhabi’s tourism sector, and this is a focal point for the remainder of the 2020s.

The first quarter results further indicate Etihad’s strong recovery from its turbulent position in the mid-2010s. Etihad Airways lost billions per financial year following significant aircraft and airline investments.

Following these troubles, the airline underwent an extensive turnaround phase that focused on limiting costs and rebuilding the airline. As part of the turnaround, aircraft were axed, crew were cut, and routes were slashed to focus on just profitable elements of the business.

During the first quarter of 2024, the carrier said it increased its operating fleet from 75 to 89. This fleet increase was also due to the rapid introduction of three new Boeing 787s in February.

Etihad Airways took delivery of three Boeing 787s in a week as part of fleet expansion efforts – Photo: Etihad Airways.

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