Etihad Airways reports Dhs1.7bn in net profit in 2024
The airline carried 18.5 million passengers in 2024, up from 14 million in 2023, reflecting sustained demand across its expanding network
Etihad Airways reported a solid financial performance for 2024, posting a profit after tax of Dhs1.7bn ($476m) driven by substantial increases in passenger and cargo revenues.
The airline’s total revenue surged 25 per cent year-on-year to Dhs25.3bn ($6.9bn), propelled by a 32 per cent rise in passenger numbers and a 24 per cent increase in cargo revenue.
The airline carried 18.5 million passengers in 2024, up from 14 million in 2023, reflecting sustained demand across its expanding network.
The passenger business alone generated Dhs20.8bn ($5.7bn), while cargo contributed Dhs4.2bn ($1.1bn).
Etihad’s performance also benefitted from a 28 per cent year-on-year increase in available seat kilometres (ASK) and an improved passenger load factor of 87 per cent, up from 86 per cent in 2023.
Etihad routes
The airline’s operational efficiency showed notable improvements, with increased flight frequencies on 25 routes and more than 20 new destinations added in 2024, including Boston, Jaipur, Bali, and Nairobi.
Over the next year, Etihad will launch additional destinations, including summer hotspots such as Antalya, Nice, and Santorini. The carrier’s fleet continued to grow with 12 new aircraft, including six A320 NEOs and the re-entry of its fifth A380.
Etihad also continued its commitment to sustainability, boasting one of the region’s youngest and most fuel-efficient fleets. The carrier has furthered its environmental, social, and governance (ESG) goals through these fleet improvements.
In a move to enhance customer service, Etihad introduced a dedicated premium call centre and upgraded its website and mobile app with over 200 enhancements.
The airline also approved a significant Dhs3bn retrofit programme, its largest ever, aimed at improving cabin comfort and inflight experience.
Etihad’s loyalty programme, Etihad Guest, also reached a milestone of 10 million members.
Industry awards recognised Etihad’s service excellence, including ‘Best Cabin Crew’ and ‘Best Customer Experience’. AirlineRatings.com also named Etihad Environmental Airline of the Year for the third consecutive year.
New hires and employee force
Etihad’s workforce grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions.
The airline also made strides in advancing UAE National Talent initiatives, with over 70 Emirati cadet pilots graduating in 2024.
Chairman Mohammed Ali Al Shorafa praised the airline’s success, stating, “Our commitment to offering best-in-class service has strengthened our operations, boosted efficiency, and helped deliver remarkable results. As we expand our network and enhance our offerings, we continue to support Abu Dhabi’s tourism ambitions and position ourselves as the airline everyone wants to fly.”
The airline’s CEO Antonoaldo Neves expressed confidence in the airline’s future growth, highlighting the continued success in profitability and customer satisfaction. “These results demonstrate the dedication of our people, who have driven both sustainable growth and extraordinary customer experiences.”
The airline’s financial performance was further bolstered by a decrease in operating costs, with both CASK (cost per available seat kilometre) and CASK ex-fuel down by 3 per cent and 4 per cent, respectively.
Etihad’s EBITDA grew 32 per cent to Dhs4.7bn ($1.3bn), reflecting the success of its cost-efficiency measures.
Etihad’s strong financial and operational results have been recognised by credit rating agency Fitch, which upgraded the airline’s credit rating to A+ in July 2024, citing a stronger credit profile and improved financial performance.
