Etihad Airways reported a Dh1.4 billion net profit after tax for the first nine months of 2024, marking a substantial increase from the Dh814 million recorded in the same period last year. The airline’s financial results, covering the period ending September 30, 2024, highlighted significant growth in both passenger and cargo operations.
Total revenue surged by 21 per cent to reach Dh18.4 billion (USD 5 billion), up from Dh15.1 billion (USD 4.1 billion) during the corresponding period in 2023. This growth was largely driven by a robust summer travel season and marked expansion in the cargo sector, particularly evident in the third quarter.
Passenger revenue also rose by 21 per cent, totaling Dh15.2 billion (USD 4.1 billion). Over the nine months, Etihad Airways transported nearly 14 million passengers, reflecting a year-on-year increase of 35 per cent. The airline’s Available Seat Kilometres (ASK) grew to 68.2 billion, up by 31 per cent compared to the same period last year, while the average passenger load factor improved to 87 per cent from the previous year’s 86 per cent.
Etihad’s cargo revenue experienced a notable boost, climbing 21 per cent to Dh3 billion (USD 808 million). This rise was attributed to increased cargo capacity, higher transport volumes, and improved yields, strengthening the airline’s freight division.
Operational efficiencies also demonstrated continued progress. Despite increased operating costs stemming from growth initiatives and enhancements in products and services, Etihad managed to lower unit costs year-on-year. Cost per Available Seat Kilometre (CASK) excluding fuel dropped by eight per cent from the same timeframe in 2023.
The airline has focused on enhancing passenger experience, contributing to a positive trend in customer satisfaction. Key highlights included the introduction of Etihad’s fifth Airbus A380 and expanded services through the newly operational Terminal A at Zayed International Airport. This expansion offered passengers more convenient flight schedules and increased travel options.
In addition, Etihad’s strategic alliances have strengthened its global reach. Following the second-quarter announcement of a Joint Business Agreement with China Eastern, Etihad Cargo expanded its partnership with SF Airlines. This collaboration aims to bolster trade between the UAE and China by improving capacity, reducing transit times, and increasing destination accessibility.
