DALLAS — On its first-half 2024 results, UAE-based airline Etihad Airways (EY) recorded a 48 percent increase in profit after tax, achieving AED 851 million (US$232 million), a significant increase from AED 575 million (US$157 million) in the first half of 2023. This highlights the airline’s continued focus on growth coupled with optimizing operational efficiencies.

According to the airline, total revenue increased 21 percent to AED 11.7 billion (US$3.2 billion) from AED 9.6 billion (US$2.6 billion) in the first half of 2023, mainly due to passenger revenue, which saw a 24 percent year-on-year increase. This reflected strong demand, EY’s strategic network expansion, and increased flight frequencies, which improved connectivity.

There was also a 10 percent increase in cargo revenue compared to the same period in 2023, primarily driven by higher demand and the fleet's higher cargo capacity.

The airline carried 8.7 million passengers during the first half of the year, up 38 percent year-on-year. This is approximately three times higher than IATA’s reported average growth rate of 13 percent for Middle Eastern carriers in the same period. The average passenger load factor stands at 85 percent for the first half of 2024, the same as in the first half of 2023.

EY also notes that operational efficiencies improved, leading to decreasing unit costs from the same period last year, with CASK (cost per seat kilometer) and CASK ex-fuel reduced by 5 percent and 8 percent, respectively.

Executive Insights

Group Chief Executive Officer of Etihad Aviation Group Antonoaldo Neves said, “We are pleased to report a strong first half of the 2024 financial year, with profit after tax 48 percent higher than the net result reported in 2023. This reflects a robust performance in both passenger and cargo revenues, demonstrating the soundness of our strategy and growth path.

“Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos. We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines. In the next 18 months, we expect to add more than 20 new generation aircraft to our fleet, which offers reduced emissions and up to 20 percent more efficiency compared to previous models.

“I extend heartfelt gratitude to our people, whose hard work and dedication in the air and on the ground, working together for a purpose, have been instrumental in achieving these results.”

His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, said, "Our dedication to customer service remains steadfast as we prepare to further expand our network and enrich our services, connecting more individuals to and through Abu Dhabi. Etihad’s 8.7 million passengers in the first half of the year accounted for over 63 per cent of the total 13.7 million passengers at Zayed International Airport from January to June 2024. This total represents an approximate 34 per cent increase in passenger numbers through the airport compared to the first half of 2023, highlighting the key role the airline plays in boosting Abu Dhabi’s tourism and trade.”

Key First Half 2024 Highlights at a Glance:

• Total revenue increased by 21 percent year-on-year, mainly due to passenger revenue, which increased by almost AED 2 billion (+24 percent year-on-year). This performance reflects strong demand, strategic network expansion, and increased frequencies in key markets.
• Cargo revenue in the First Half of 2024 increased by approximately 10 per cent to AED 1.9 billion compared to last year, primarily driven by increased demand and increased belly capacity of EY’s fleet.
• Unit costs continue to decrease, with CASK and CASK ex-fuel reduced by 5 percent and 8 percent, respectively.
• Profit after tax in the First half of 2024 is 48 percent higher than the net result reported in the First half of 2023. This is due to strong performance in both passenger and cargo revenues.
• Capacity growth: Both Available Seat Kilometers (ASK) and passengers confirmed strong performance during the first half of the year, resulting in year-to-date 44.4 billion ASK and 8.7 million passengers (an increase of 33 percent and 38 percent, respectively).
• Fleet expansion: the operating fleet continued to grow in Q2 2024, with an additional three aircraft in the first six months of 2024. The growth of the fleet is even more significant if compared with the First half of 2023 (+16 aircraft). The three additional aircraft in Q2 2024 are A321neos, a new type introduced into Etihad’s fleet, representing an important step in the company’s growth plans.