Etihad Records 66% Increase in Profits Year-on-Year

DALLAS — Etihad Airways (ET) today unveiled its financial performance for the nine months ending September 30, 2024, reporting a substantial profit of AED 1.4 billion (US$368 million) after tax.

This increase contrasts with the AED 814 million (US$222 million) achieved during the same period in 2023. Total revenue witnessed a significant boost of 21%, reaching AED 18.4 billion (US$5.0 billion) in the first nine months of 2024.

The airline says this growth was primarily fueled by a robust summer season, a direct consequence of the successful execution of our network expansion strategy. Moreover, the cargo business experienced substantial growth, particularly in the year's third quarter.

Passenger revenue increased by 21%, reaching AED 15.2 billion (US$4.1 billion). This growth was driven by strategic network expansion and increased flight frequencies, further enhancing connectivity. ET carried nearly 14 million passengers during the first nine months of the year, marking a 35% increase compared to the same period in 2023.

Available Seat Kilometres (ASK) also reached 68.2 billion, showcasing a substantial 31% year-on-year growth. Notably, the average passenger load factor stood at 87% for the nine months ended September 30, 2024, indicating a commendable improvement compared to 86% in the same period last year.

Regarding passenger service, ET introduced its fifth A380, enhanced services supported by the new Terminal A at Zayed International Airport (AUH), and expanded flight options in more convenient time slots.

Cargo revenue also demonstrated growth, rising to AED 3.0 billion (US$808 million), representing a 21% increase in the same period in 2023. This growth was driven by increased capacity, higher volumes, and improved yields.

Finally, following the announcement of ET's Joint Business Agreement with China Eastern (MU) in the second quarter, Etihad Cargo extended its partnership with SF Airlines to enhance UAE-China trade.

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