Etihad Airways announced its financial results for the nine months ended 30 September 2024, achieving AED 1.4 billion (£301 million) profit after tax, a significant increase from AED 814 million (£175 million) during the same period in 2023. The airline’s strategy to drive growth across its business, while optimising operational efficiency and improving customer service, is reflected in the strong results.
Total revenue increased 21 per cent to AED 18.4 billion (£3.96 billion) in the first nine months of 2024, up from AED 15.1 billion (£3.25 billion) in the same period last year. This growth was driven primarily by a strong summer as a result of the successful implementation of our network expansion strategies, along with significant growth in the freight business, especially in the third quarter.
Passenger revenue increased by 21 per cent, reaching AED 15.2 billion (£3.27 billion), driven by strategic network expansion and increased flight frequencies that further enhanced connectivity. Etihad carried 14 million passengers during the first nine-month period of the year. This is a 35% increase on the previous year. Available Seat Kilometres increased by 31%. The average passenger load was 87 percent for the nine-month period ended 30 September 2024. This is up from 86 percent in the same time last year.
Cargo revenue rose to AED 3.0 billion (£646 million), up 21 per cent compared to the same period last year, driven by increased capacity, higher volumes and improved yields.
Unit costs decreased year-on-year, despite higher operating costs due to growth and investments in improving products and customer service. Cost per Available Seat Kilometres (CASK) excluding fuel decreased by 8 percent compared to the same time last year. This shows Etihad’s commitment to quality and efficiency.
The overall passenger journey continued to improve with a positive trend in customer satisfaction. Highlights included Etihad’s fifth A380 as well as enhanced services supported through the new Terminal A of Zayed International Airport.
Etihad Cargo, following the announcement of its Joint Business Agreement with China Eastern during the second quarter, extended its partnership with SF Airlines in order to boost UAE-China Trade by enhancing capacity and transit times as well as destination access.
Antonoaldo Neves said, “We are pleased to report a solid performance for the first nine-months of the 2024 fiscal year, with a 21% increase in revenue and 66% increase in profit after taxes compared to the similar period in 2023. This impressive growth is driven both by strong results for passenger and cargo revenue, underscoring our strategy and our growth trajectory. We are also seeing continuous 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 passengers count has reached almost 18 million, a nearly 80 percent increase compared to 2022. This highlights the pace of growth we have experienced over the last two years. Our network has also been extended to 83 destinations, up from 72 just a year earlier, with more growth expected before year-end.
“We’re also proud to say that, along with our continued growth, we continue investing in and developing our people. This year we relaunched the cadet program, and promoted over 1,000 pilots and crew, giving them the skills and expertise they need to continue to deliver excellence in service to customers.
“We would like to thank our customers for their trust and support.”
“We are committed to improving their travel experience in order to be the airline everyone wants to fly. I would also like to express my sincere thanks to our team. Their dedication and hard work at every stage of our customer journey, and their coming together with a common goal has been crucial to achieving these results. Together, we have made a significant contribution, and I thank them both for their commitment.”
