Etihad Reports Record-Breaking Profit

Etihad Airways reported a sharp rise in profit for the first nine months of 2024, with after-tax earnings of AED 1.4 billion (USD 368 million), marking a 66% increase over the same period last year. The Abu Dhabi-based airline attributed its strong financial results to booming passenger numbers, expanding cargo business, and strategic cost-saving measures.

Strong Revenue Growth

The airline’s revenue rose to AED 18.4 billion (USD 5.0 billion) over the nine-month period, up 21% from AED 15.1 billion in 2023. Antonoaldo Neves, chief executive officer of Etihad Aviation Group, described the results as a reflection of the company’s focus on growth and efficiency. “This impressive growth is driven by strong results in both passenger and cargo revenues,” Neves said in a news release. “It underscores the effectiveness of our strategy and the strength of our growth trajectory.”

Passenger demand drove much of the revenue increase, with the airline carrying 13.6 million travelers between January and September — a 35% jump compared to last year. With expanded routes and additional flights on existing routes, Etihad’s network now serves 83 destinations, up from 72 last year, while its total flight capacity grew by 31%. The average passenger load factor reached 87%.

Revenue from passenger flights totaled AED 15.2 billion (USD 4.1 billion), up 21% from the prior year, while cargo operations generated AED 3.0 billion (USD 808 million), also a 21% increase. Etihad attributed the cargo revenue growth to expanded capacity and partnerships, including a recent collaboration with China’s SF Airlines aimed at boosting UAE-China trade routes.

Fleet Expansion

Neves highlighted the airline’s investment in expanding its fleet, which now includes 95 aircraft, a 16-aircraft increase from the same period in 2023. This year’s deliveries included six A321neos, while the company also reintroduced its flagship A380 on select routes.

The airline reported a reduction in its cost per available seat kilometer (CASK) excluding fuel, down 8% year-on-year, despite rising expenses associated with growth and service enhancements. This reduction, Neves said, was achieved through careful management of resources and targeted cost-saving measures.

Looking toward the remainder of the year, Etihad plans further expansion, with additional destinations expected by year-end.