Etihad Airways has reported its financial results for the first nine months of 2024, achieving a profit after tax of AED 1.4 billion (USD 368 million). This marks a substantial rise compared to AED 814 million (USD 222 million) during the same period in 2023. These impressive figures highlight the airline’s continued focus on strategic growth, operational efficiency, and enhanced customer service.

Total revenue for the period rose by 21%, reaching AED 18.4 billion (USD 5.0 billion), compared to AED 15.1 billion (USD 4.1 billion) in the same period last year. This growth was largely attributed to a robust summer season, successful implementation of the airline’s network expansion strategy, and significant progress in its cargo operations, particularly in the third quarter.

Passenger revenue also grew by 21%, reaching AED 15.2 billion (USD 4.1 billion), fueled by increased flight frequencies and strategic network expansions that bolstered global connectivity. Over the first nine months of 2024, Etihad transported nearly 14 million passengers, a 35% year-on-year increase. Available Seat Kilometers (ASK) rose by 31% to 68.2 billion, while the average passenger load factor improved to 87%, compared to 86% in the same period last year.

Cargo operations saw a 21% increase in revenue, reaching AED 3.0 billion (USD 808 million), driven by greater capacity, higher shipment volumes, and improved yields.

The airline continued to optimize operational efficiency, achieving a year-on-year reduction in unit costs despite rising operational expenses related to growth initiatives and service enhancements. Cost per Available Seat Kilometer (CASK) excluding fuel fell by 8%, showcasing Etihad’s commitment to maintaining high standards while improving cost efficiency.

Customer satisfaction has remained on an upward trend, reflecting the airline’s dedication to enhancing the travel experience. Key developments included the addition of Etihad’s fifth A380 aircraft and expanded services supported by the new Terminal A at Zayed International Airport. These advancements, combined with more convenient flight schedules, underscore Etihad’s focus on providing seamless, premium travel for its guests.

In a further boost to its global presence, Etihad Cargo deepened its partnership with SF Airlines, building on the airline’s Joint Business Agreement with China Eastern announced earlier in the year. This collaboration aims to enhance UAE-China trade through increased capacity, faster transit times, and broader destination options.

Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, 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.”

Key Highlights for 9M 2024:

• Revenue Growth: Total revenue climbed by 21% year-on-year to AED 18.4 billion, fueled by strong performances in both passenger and cargo sectors.
• Passenger Revenue: Passenger revenue increased by AED 2.6 billion, reflecting a 21% year-on-year growth. This was driven by a strong summer season, strategic network expansion, and higher frequencies in key markets.
• Cargo Revenue: Cargo revenue surged by 21% year-on-year, supported by expanded capacity, a 14% increase in volumes, and improved yields during Q3 2024.
• Cost Efficiency: Despite higher operating costs due to growth and investments in customer experience, unit costs continued to decline. Cost per Available Seat Kilometer (CASK) excluding fuel dropped by 8%, underscoring Etihad’s focus on operational efficiency and enhanced service delivery.
• Profit Growth: Profit after tax rose by an impressive 66% year-on-year, driven by strong revenue performance and sustained operational improvements.
• Market Momentum: Available Seat Kilometers (ASK) grew by 31%, while passenger numbers rose by 35% year-on-year, reflecting continued demand and market strength.
• Fleet Expansion: All six A321NEOs scheduled for delivery in 2024 were introduced, increasing the fleet size by 16 aircraft compared to September 2023 and adding a new aircraft type to improve the customer experience.
• Network Expansion: The total number of destinations grew to 83 as of September 2024, up from 72 in September 2023, enhancing global connectivity.

The post Etihad Airways Delivers Strong Financial Results with AED 1.4 Billion Profit in the First Nine Months of 2024, Up from AED 814 Million in the Same Period of 2023 appeared first on Travel And Tour World.