Etihad Reports Record US$476 Million Profit in 2024

DALLAS — Abu Dhabi-based Etihad Airways (EY) posted its highest-ever full-year profit of US$476 million in 2024, marking a significant milestone in the airline's ongoing transformation.

Funded by a 28% boost in Available Seat kilometers (ASK) and an 87% passenger load factor, the airline posted a 32% year-on-year growth in passenger traffic, with 18.5 million passengers transported.

This stunning fiscal performance was driven by US$5.7 billion in passenger revenue and US$1.1 billion in cargo revenue, contributing to US$6.9 billion in overall revenue, up 25% from 2023. The carrier also introduced new routes, expanded its network, and introduced efficiency measures to increase profitability.

Network Growth, Fleet, Demand

In 2024, EY expanded strategically by adding more than 20 new destinations, including Boston, Jaipur, Bali, and Nairobi, and seasonal flights, including Antalya, Nice, and Santorini. Additionally, 25 routes had increased frequencies.

With the return of the fifth Airbus A380 and the integration of 12 new aircraft, including six Airbus A320neo aircraft, the carrier's fleet continued to increase. With 97 operational aircraft, the airline possesses one of the region's youngest and most fuel-efficient fleets.

Strong demand and increased capacity caused the airline's passenger segment to record a 25% revenue rise. Higher freight volume by 12% and increased yields during the latter half of the year also boosted the cargo segment's revenue by 24%.

Etihad added its weekly flight capacity to 1,700, further cementing Abu Dhabi's prominent international aviation hub position.

Efficiency, Financial Strength, Services

The airline's 4% reduction in Cost Per Available Seat Kilometres (CASK), excluding fuel, showed its commitment to cost management and operational efficiency. EY's operating cash flow was US$1.6 billion, nearly double the previous year.

Moreover, when the airline fortified its balance sheet, net leverage dropped from 2.5x to 1.4x. Due to its enhanced financial position, Fitch Ratings upgraded EY's credit rating to A+.

Etihad invested heavily in customer experience, initiating the most significant cabin retrofit program for US$820 million. The airline also rolled out:

• An expanding loyalty program, with Etihad Guest reaching over 10 million members.
• More than 200 service enhancements to improve the guest experience.
• A separate premium call center for quicker, more personalized service.
• AI-powered digital improvements to its website and mobile app.

Strategic Partnerships, Workforce Strength

Last year, the carrier enhanced its interline and codeshare arrangements with a historic deal with China Eastern, the first-ever settlement between a Middle Eastern and Chinese carrier. A strategic partnership with SF Airlines further solidified the airline's cargo network.

Its focus on sustainability was further intensified by ongoing investments in fuel-efficient aircraft and ESG initiatives, making it a top player in aviation sustainability.

The airline staff increased to more than 11,000 people, adding 2,000 recruits and 1,500 promotions, mainly among pilots and cabin crew members. The UAE National Talent Scheme witnessed the following:

• UAE Nationals comprise 20% of EY's employees, supporting the airline's dedication to nurturing local talent.
• More than 3,000 candidates for the newest cadet program.
• 70 Emirati cadet pilots graduating in 2024.

Leadership Perspectives

Mohammed Ali Al Shorafa, EY Chairman, credited the success of the airline to its staff and sound operational execution:

"The unrelenting dedication of our people has made our airline stronger, driving efficiency while continuing to enhance our world-class customer experience. As we grow our network and increase our services, we continue to stay committed to connecting more people to Abu Dhabi and driving the Emirate's tourism aspirations."

Antonoaldo Neves, EY CEO, emphasized the airline's profitability and customer orientation:

"These outcomes are a tribute to the commitment of our people who have collaborated for a purpose, executing our strategy. They have fueled improvements in customer satisfaction and persistent, profitable growth while preserving disciplined efficiency and an unwavering focus on safety."

Etihad transported 1.7 million passengers in January 2025, 11% more than last year, with an 89% load factor. The airline's operating fleet now includes 98 aircraft, and passenger aircraft serve 73 destinations.

With its solid fiscal health, expanding network, and ongoing customer-invested initiative, EY is well-positioned to continue its upward trend into 2025 and beyond.

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