Overview of Financial Performance
Etihad Airways, based in Abu Dhabi, has disclosed its financial outcomes for the nine-month period ending September 30, 2024. The airline has achieved a remarkable profit after tax of AED 1.4 billion ($368 million), marking a 66% increase from AED 814 million ($222 million) in the corresponding period in 2023. Total revenue also saw a substantial rise, reaching AED 18.4 billion ($5 billion), which is a 21% increase from the previous year’s AED 15.1 billion ($4.1 billion). This growth is attributed to a robust 2024 summer season, a successful network expansion strategy, and significant advancements in its cargo operations.
Passenger and Cargo Revenue Growth
Passenger revenues escalated by 21% to AED 15.2 billion ($4.1 billion), propelled by the expansion of flight networks and increased flight frequencies. The airline witnessed a 35% surge in passenger numbers, transporting nearly 14 million passengers. Available Seat Kilometers (ASKs) reached 68.2 billion, up by 31% year-on-year, with an average passenger load factor of 87%, slightly higher than the 86% observed in 2023.
On the cargo front, Etihad recorded a 21% increase in revenues, amounting to AED 3.0 billion ($808 million). This growth underscores the efficiency improvements and strategic investments in enhancing product offerings and customer experiences.
Operational Efficiencies and Fleet Expansion
The airline reported reductions in unit costs, excluding fuel, by 8% compared to 2023, despite facing increased operating costs due to growth and investments. The fleet has expanded significantly, with the introduction of six A321neos in 2024, bringing the total number of aircraft to 95, a net increase of 16 from the previous year. The fleet now includes a diverse mix of Boeing and Airbus models, and Etihad Cargo operates a fleet of five Boeing 777Fs.
Customer Satisfaction and Service Enhancements
Etihad has also seen sustained improvements in customer satisfaction ratings. The airline reintroduced a fifth Airbus A380 into service and enhanced its ground service at the new Terminal A at Zayed International Airport. These initiatives are part of a broader commitment to improving the overall travel experience for its customers.
Comments from the CEO
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, expressed satisfaction with the airline’s performance, highlighting the significant increases in both passenger and cargo revenues. “Our strategic initiatives and operational efficiencies have propelled us to not only achieve remarkable growth but also enhance our service quality,” he stated. Neves also emphasized the airline’s focus on human capital development, including the relaunch of the cadet program and the promotion of over 1,000 pilots and crew members, which are critical for sustaining service excellence.
Looking Forward
The CEO concluded by reaffirming the airline’s commitment to its customers and its ongoing efforts to be the preferred airline for travelers worldwide. With a continued focus on growth, quality, and customer satisfaction, Etihad Airways is poised to maintain its trajectory of success in the competitive aviation industry.