The carrier grew its average load factor despite a 28% year-on-year capacity increase.
An Etihad Airways Airbus A350 (Photo: Etihad)
Etihad Airways reported strong financial results for 2024, highlighting significant growth and profitability.
The airline recorded a profit after tax of AED 1.7 billion ($476 million) for the full year 2024, marking a threefold increase over the previous year and the airline’s largest annual profit to date. This growth was driven by increased revenue, operational efficiency, and cost management.
Total revenue increased by 25% year-on-year, reaching AED 25.3 billion ($6.9 billion). Passenger revenue accounted for AED 20.8 billion ($5.7 billion), reflecting a 25% increase compared to 2023. This was supported by a 32% rise in passenger numbers, reaching 18.5 million, and a 28% increase in Available Seat Kilometres (ASK). The passenger load factor also improved to 87%, up from 86% in 2023.
Cargo revenue totaled AED 4.2 billion ($1.1 billion), a 24% increase year-on-year, supported by increased capacity and a 12% rise in cargo leg tonnes carried. Improved yields in the second half of the year further contributed to revenue growth.
Etihad Airways Boeing 787 Dreamliner celebratory fly-by over the company’s headquarters in Abu Dhabi (Photo: Etihad)
The airline’s operating result was strengthened by an EBITDA of AED 4.7 billion ($1.3 billion), a 32% increase year-on-year. Net finance costs decreased by 80%, contributing to improved profitability. Cash flow from operations nearly doubled to AED 5.8 billion ($1.6 billion).
Etihad Airways expanded its operations in 2024, increasing capacity and improving efficiency while maintaining a focus on cost control. The airline added 12 new aircraft to its fleet, including six A320neos and the reintroduction of its fifth A380. As of December 2024, Etihad operated 97 aircraft.
The airline increased flight frequencies on 25 routes and launched more than 20 new destinations, including Boston, Jaipur, Bali, and Nairobi. Seasonal destinations such as Antalya, Nice, and Santorini were also introduced, with over 10 additional cities planned for 2025. By the end of 2024, Etihad operated flights to 80 destinations, strengthening its global network and enhancing connectivity through its Abu Dhabi hub.
An Etihad Airways Boeing 787 Dreamliner taking off at Abu Dhabi International Airport (Photo: Etihad)
Operational efficiency improvements contributed to cost reductions, with Cost per Available Seat Kilometre (CASK) decreasing by 3% and CASK excluding fuel decreasing by 4% year-on-year. The airline continued optimizing its network through 126 interline, codeshare, and strategic partnerships, including agreements with China Eastern and SF Airlines, supporting both passenger and cargo operations.
These measures resulted in a 28% increase in ASK, higher aircraft utilization, and improved financial and operational performance.
Etihad Airways CEO Antonoaldo Neves highlighted the airline’s commitment to efficiency and customer satisfaction, stating:
“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.”
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