Etihad Airways Boeing 787-9
During the first nine months of the year, profit after tax increased by 66 per cent year-on-year, driven by strong revenue growth. Image Credit: Etihad Airways

Abu Dhabi: With a spike seen in passengers travelling Etihad Airways during the first nine months of 2024, the UAE’s flag carrier saw its profit nearly double to Dh1.4 billion, upswinging from last year’s Dh814 million.

In the nine months ended September 30, 2024, the airline’s total revenue reached Dh18.4 billion, recording a year-on-year increase of 21 per cent, up from Dh15.1 billion last year. The robust growth was driven by solid passenger momentum and cargo business growth, the airline said in a statement.

According to the airline, revenue growth was driven by a strong summer season, which resulted from the successful execution of Etihad’s network expansion strategy, alongside significant growth in the cargo business, particularly in the third quarter of the year.

Etihad also carried nearly 14 million passengers over the first nine months of the year, a 35 per cent increase year-on-year, with Available Seat Kilometres (ASK) reaching 68.2 billion, up 31 per cent year-on-year.

The average passenger load factor stood at 87 per cent for the nine months ended September 30, 2024, up from 86 per cent in the same period last year.

Antonoaldo Neves, CEO of Etihad Aviation Group, said, “This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction.”

Fleet and network growth

Neves also said that the airline’s operating fleet continues to expand, with all six A321NEOs scheduled for delivery in 2024 now in service. The airline managed this despite an acute global shortage of aircraft. “Despite the continued global aircraft shortage, our fleet has grown to 95 aircraft, an increase of 16 aircraft compared to last year,” he added.

UAE’s flag carrier also increased the total number of destinations to 83 as of September 2024, from 72 in September 2023. Further growth is expected by year-end, stated Neves.

Passenger growth

Neves said, “Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80% compared to 2022 and underscoring the pace of our growth over the past two years.”

Pilots, crew members promoted
The airline CEO also said that Abu Dhabi-based airlines continue to invest in and develop their workforce. It recruited a total of 1,300 pilots and cabin crew this year. “This year, we (also) successfully relaunched our cadet program and promoted more than 1,000 pilots and crew members, empowering them with the skills and experience needed to continue delivering excellence in service to our customers,” he added.

Cargo performance

Cargo revenue rose to Dh3.0 billion, up 21 per cent compared to last year's period, driven by increased capacity, higher volumes and improved yields. “Following the announcement of the airline’s Joint Business Agreement with China Eastern in the second quarter, Etihad Cargo extended its partnership with SF Airlines to boost UAE-China trade by enhancing capacity, transit times, and destination access,” it said.

Moreover, operational efficiencies continued to improve for the airline, with unit costs decreasing year-on-year despite increased operating costs associated with growth and investments to enhance products and customer experience. Cost per Available Seat Kilometre (CASK) ex-fuel was reduced by 8 per cent compared to last year.