On November 14, 2024, Etihad Airways, the national airline of the United Arab Emirates, announced a profit after tax of AED 1.4 billion ($368 million) for the first nine months of 2024, marking a significant 66% increase over the same period in 2023. This financial achievement reflects the carrier's strategic growth, operational efficiencies, and a surge in both passenger and cargo revenues. Etihad's total revenue for the period rose by 21% to AED 18.4 billion ($5 billion), a testament to the airline's successful execution of its network expansion strategy, which included a robust summer season and significant cargo business growth, especially in the third quarter.
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The airline carried nearly 14 million passengers, a 35% increase year-on-year, with Available Seat Kilometers (ASK) growing by 31% to 68.2 billion. This growth was supported by an average passenger load factor of 87%, up from 86% in the previous year, indicating strong demand and efficient capacity utilization. The airline's cargo sector also saw a 21% revenue increase to AED 3.0 billion, driven by expanded capacity, higher volumes, and improved yields. Etihad's focus on operational efficiency was evident as the Cost per Available Seat Kilometre (CASK) excluding fuel dropped by 8% year-on-year, underlining the airline's commitment to cost management amidst growth and investments in enhancing customer experience.
Antonoaldo Neves, CEO of Etihad Aviation Group, expressed satisfaction with the performance, highlighting the effective strategy implementation that led to these results. He pointed out the ongoing expansion of the operating fleet, which now stands at 95 aircraft, with all six A321neos scheduled for 2024 delivery now in service, despite global aircraft shortages. This financial upturn for Etihad comes against the backdrop of a challenging economic and geopolitical environment, where airlines worldwide are navigating through fluctuating demand, supply chain constraints, and shifting travel patterns.
Etihad's performance suggests not only a recovery from the industry-wide downturn caused by the global health crisis but also a strategic positioning for future growth, with plans for network expansion and fleet modernization. The profit increase also follows Etihad's earlier moves towards restructuring and fleet optimization, which included fleet reduction and a focus on core routes, alongside enhancements in customer service to boost satisfaction and loyalty. This latest financial report positions Etihad as a resilient player in the global aviation market, ready to capitalize on the rebound in air travel demand.