Etihad Airways has reported a net profit of AED 1.4 billion (US $368 million) for the first nine months (9M) of 2024 on a 21 percent year-over-year increase in revenue to AED 18.4 billion (US $5.0 billion).
On Thursday (November 14, 2024), Etihad Airways announced their nine month (9M) financial results for the period ending September 30, 2024. The carrier reported a 9M net profit of AED 1.4 billion (US $368 million) on a 21 percent year-over-year increase in revenue to AED 18.4 billion (US $5.0 billion). During the first nine months of 2024, Etihad Airways carried 13.6 million passengers, a 35 percent increase compared to the same period last year. For the nine month period ending September 30, 2024, Etihad Airways’ load factor stood at 87 percent, up from 86 percent in 9M 2023.
In Thursday’s announcement, Etihad Aviation Group’s CEO, Antonoaldo Neves, said,
“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.
“Our operating fleet continues to expand, with all six A321NEOs scheduled for delivery in 2024 now in service. Despite the continued global aircraft shortage, our fleet has grown to 95 aircraft, an increase of 16 aircraft compared to the same time last year.
“Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80 per cent compared to 2022 and underscoring the pace of our growth over the past two years. We’ve also extended our network to 83 destinations as of September, up from 72 a year ago, with further growth expected by year-end.
“We are also proud to report that, alongside our growth, we continue to invest in and develop our people. This year, we successfully relaunched our cadet program and promoted more than 1,000 pilots and crew members, empowering them with the skills and experience needed to continue delivering excellence in service to our customers.
“We extend our heartfelt thanks to our customers for their continued trust and support. We are committed to enhancing their travel experience to be the airline that everyone wants to fly.
“I also want to express my sincere gratitude to our team. Their hard work and dedication at every point of our customer journey and coming together for a purpose has been crucial in achieving these results. Together, we've made a significant impact, and I thank them for their commitment.”
Etihad Cargo reported 9M revenue of AED 3.0 billion (US $808 million), up year-over-year by 21 percent, with the higher revenue attributable to increased capacity, higher volume and improved yields. The carrier’s cost per available seat mile excluding fuel (CASK-ex) declined 8.0 percent compared to the same period last year, highlighting Etihad’s ongoing commitment to efficiency and quality. Following Etihad’s announcement of a new Joint Business Agreement with China Eastern during the second quarter, the carrier extended their partnership with SF Airlines to boost UAE-China trade by improving capacity, transit times and destination access.
During the period all six Airbus A321neos scheduled for delivery in 2024 entered service, increasing the carrier’s overall fleet size by 16 aircraft compared to September 30, 2023. Etihad Airways increased their number of destinations to 83 during 9M 2024, up from 72 at the end of the same period last year.
Source: Etihad Airways