Etihad Airways Announces Huge Profit

Etihad Airways has published its financial performance across the first nine months of 2024 with record-breaking results.

The highlight of the airline’s performance was that of revenues reaching AED 18.4 billion (USD 5 billion) after strong demand continued.

This substantial revenue tally was also an increase of 21% year over year, and solid results were seen across the business, whether from passenger operations, which continued their trajectory, or even remarkable growth across the cargo business.

13.6 million passengers were also carried across the first nine months, which staggeringly represented a 35% jump year over year.

Etihad Airways has strongly committed to expanding its route network in the last year, and this has also been made possible thanks to the addition of more aircraft.

While Etihad Airways has battled supply chain difficulties, it can ultimately remain thankful that it’s been able to take delivery of new planes to aid future growth.

Other landmark results included an AED 1.4 billion (USD 368 million) profit after tax, which is quite significantly higher than the same period one year prior.

Etihad Airways is driving growth across its business; however, it’s looking to use this strategy more sustainably than it may have.

Furthermore, Etihad Airways has said it wants to optimize its operational efficiencies to ensure it performs most efficiently daily. Moreover, a focus continues to be on improving customer service.

We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21 per cent increase in revenue and a 66 per cent increase in profit after tax compared to the same period in 2023. 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.

Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group

Passenger revenue was another highlight, increasing by some 21% to AED 15.2 billion (USD 4.1 billion). These increases were made possible thanks to increased flight frequencies and the optimization of the assets available across its network to serve in-demand markets.

Meanwhile, average passenger load factors jumped one percentage point to 87% year over year, and demand for its services remained robust for those first nine months.

The broader Group’s cargo division saw revenue rise 21% to AED 3 billion (USD 808 million). The freight division saw these increases thanks to continued positive capacity to critical markets and higher volumes with improved yields.