Etihad Airways has announced its latest financial results for the nine months ending on September 30, 2024. The headlines of the results show that the Abu Dhabi-based carrier achieved a profit after tax of AED 1.4 billion ($368 million), a number that represents a significant increase of 66%, up from AED 814 million ($222 million) during the same period in 2023.
During the same period, Etihad’s total revenue increased by 21% to AED 18.4 billion ($5 billion), up from AED 15.1 billion ($4.1 billion) in the same period in 2023. The carrier put this down to a strong 2024 summer season “as a consequence of the successful execution of our network expansion strategy, alongside significant growth in the cargo business, particularly in the third quarter of [2024]”.
Passenger revenues increased by 21% to AED 15.2 billion ($4.1 billion) for the period, driven by network expansion and increased flight frequencies. The airline carried almost 14 million passengers over the first nine months of 2024, a huge 35% year-on-year increase, with Available Seat Kilometers (ASKs – a measure of capacity) reaching 68.2 billion, up 31% year-on-year. The carrier’s average passenger load factor stood at 87% for the period, up from 86% during the same period in 2023.
According to the airline, “The strong results reflect the airline’s ongoing strategy of driving growth across the business alongside optimizing operational efficiencies and improving customer service.”
On the cargo side of its operations, Etihad saw revenues rise to AED 3.0 billion ($808 million), up 21% compared to the same period in 2023.
“Operational efficiencies continued to improve throughout 2024,” the airline said, “with unit costs decreasing year-on-year despite increased operating costs associated with growth and investments to enhance products and customer experience. Cost per Available Seat Kilometer (CASK) excluding fuel reduced by 8% compared to the same period in 2023, highlighting Etihad’s ongoing commitment to efficiency and quality.”
Elsewhere across its operations, the carrier reported that its overall passenger satisfaction ratings showed a “sustained positive trend”. The airline brought back a fifth Airbus A380 into service from long-term storage and enhanced its ground service offering at the new Terminal A at Zayed International Airport in Abu Dhabi, the airline’s home base.
What the CEO had to say
“We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21% increase in revenue and a 66% increase in profit after tax compared to the same period in 2023,” said Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group. 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 in 2023,” Neves continued.
“Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80% 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,” Neves added.
“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,” he concluded.
According to ch-aviation, Etihad’s current fleet now consists of 96 aircraft which includes a mix of Boeing and Airbus types. The fleet composition is 14 A320s, nine A321s, six A321neos, five A350-1000s, five A380s, nine Boeing 777-300ERs, 33 787-9s and 10 787-10s. Etihad Cargo operates a fleet of five Boeing 777Fs.
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