Etihad Airways Announces AED 1.4 Billion Profit for First Nine Months of 2024, Marking a 66% Year-Over-Year Increase
Etihad Airways Reports Significant Financial Upsurge for First Nine Months of 2024
ABU DHABI (WAM) — In a noteworthy display of resilience and strategic prowess, Etihad Airways has unveiled its financial results for the nine months ending on September 30, 2024. The airline has reported a robust profit after tax of AED 1.4 billion (approximately U.S.8 million), marking an impressive surge from AED 814 million (U.S.2 million) during the corresponding period in 2023. This substantial increase is reflective of the airline’s steadfast commitment to driving growth while enhancing operational efficiencies and elevating customer service.
The airline’s total revenue for the first three quarters of 2024 soared to AED 18.4 billion (U.S..0 billion), a 21 percent increase from AED 15.1 billion (U.S..1 billion) in the same timeframe the previous year. This remarkable financial performance was largely fueled by a robust summer travel season, attributed to the effective implementation of a strategic network expansion and significant growth in cargo revenues, particularly during the third quarter.
Passenger revenue also mirrored this growth trajectory, escalating by 21 percent to AED 15.2 billion (U.S..1 billion). This increase was driven by strategic routes and an uptick in flight frequencies, which further enhanced connectivity across Etihad’s vast network. The airline successfully transported nearly 14 million passengers throughout the first nine months of 2024, reflecting a dramatic 35 percent year-on-year increase. Notably, the Available Seat Kilometres (ASK) escalated to 68.2 billion, up 31 percent from the previous year, and the average passenger load factor was reported at an impressive 87 percent, a slight increase from 86 percent during the same period last year.
In the realm of cargo operations, Etihad reported a revenue boost to AED 3.0 billion (U.S.8 million), a 21 percent uplift compared to the previous year. This growth can be attributed to augmented capacity, heightened volumes, and improved yield management strategies, which have collectively enhanced the airline’s cargo footprint.
Operational efficiencies have remained a focal point for Etihad, with unit costs showcasing a downward trend despite increased operating expenditures linked to growth and significant investments aimed at enhancing product offerings and customer experience. The Cost per Available Seat Kilometre (CASK) ex-fuel saw an 8 percent reduction compared to the previous year, underscoring Etihad’s dedication to both operational efficiency and high-quality service delivery.
The airline has also prioritized the overall traveler experience, which has shown a commendable increase in customer satisfaction levels. Complementing this initiative was the introduction of the airline’s fifth A380, alongside improved services backed by the new Terminal A at Zayed International Airport. Expanded flight options with more convenient schedules further reinforce Etihad’s commitment to providing a seamless and elevated travel experience for all its passengers.
Following the announcement of a Joint Business Agreement with China Eastern in Q2, Etihad Cargo has fortified its collaboration with SF Airlines, a strategic move poised to amplify trade between the UAE and China through enhanced capacity, expedited transit times, and broader destination access.
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, expressed his enthusiasm regarding the airline’s performance. He stated, “We are pleased to share a strong performance for the first nine months of the 2024 financial year, with a 21 percent increase in revenue and a remarkable 66 percent increase in profit after tax compared to the same period in 2023. This impressive growth is indicative of our successful passenger and cargo revenues, showcasing the effectiveness of our strategic initiatives and the robustness of our growth trajectory, where we are simultaneously observing improved customer satisfaction.”
Neves elaborated on the airline’s operational expansion, noting, “Our fleet is continuously growing, with all six A321NEOs scheduled for delivery in 2024 now successfully in service. Despite the ongoing global aircraft shortage, our fleet has expanded to 95 aircraft, an increase of 16 aircraft compared to the same point last year.”
In conclusion, Etihad Airways’ financial results for the first nine months of 2024 paint a picture of resilience and strategic foresight, indicating a continued upward trajectory in a challenging global aviation landscape.
Tags: #BusinessNews #EconomyNews #UAE #AbuDhabi
