Islamabad, Nov 15: Etihad Airways reported a net profit of Dh1.4 billion (U.S. $368 million) for the first nine months of 2024, a significant increase from Dh814 million (U.S. $222 million) during the same period in 2023, according to its financial results as of September 30, 2024.
The airline’s total revenue rose 21% to Dh18.4 billion (U.S. $5.0 billion), compared to Dh15.1 billion (U.S. $4.1 billion) in the previous year. This growth was primarily driven by a strong summer performance and substantial expansion in the cargo business, especially in the third quarter. Passenger revenue grew by 21% to Dh15.2 billion (U.S. $4.1 billion), with nearly 14 million passengers flown, marking a 35% year-over-year increase. Available Seat Kilometres (ASK) increased by 31% to 68.2 billion, and the average passenger load factor improved to 87%, compared to 86% in 2023.
Cargo revenue also grew by 21%, reaching Dh3 billion (U.S. $808 million), driven by increased capacity, volume, and yield improvements.
Operational efficiency improved, with a reduction in unit costs despite higher operating expenses associated with growth and product upgrades. The Cost per Available Seat Kilometre (CASK), excluding fuel, fell by 8% from the previous year.
Customer satisfaction continued to improve, supported by the addition of Etihad’s fifth A380, the opening of Terminal A at Zayed International Airport, and more convenient flight schedules.
Etihad Cargo further strengthened its partnership with SF Airlines following a Joint Business Agreement with China Eastern earlier in the year, boosting UAE-China trade by enhancing capacity, reducing transit times, and expanding access to additional destinations.
