Dubai: Etihad Airways recorded first-half profit after tax of Dh851 million, a 48 per cent increase from Dh575 million last year, which the UAE national carrier attributed to flying 8.7 million passengers and a 10 per cent increase in cargo revenue during the period.
Total revenue increased 21 per cent to Dh11.7 billion, from Dh9.6 billion in H1 2023, mainly due to passenger revenue, which saw a 24 per cent year-on-year increase, reflecting demand fuelled by the carrier's network expansion and increased flight frequencies.
There airlines said higher cargo revenue in the first half of 2024 was primarily driven by higher demand and higher cargo capacity of the fleet. Etihad carried 8.7 million passengers over the first half of the year, up 38 per cent year-on-year, it said in a statement.
"The number of passengers carried is approximately three-times higher than IATA’s reported average growth rate of 13 per cent for Middle Eastern carriers in the same period. The average passenger load factor stands at 85 per cent for H1 2024 and remains unchanged compared to the first half of last year," it added.
Lower costs
"Operational efficiencies continued to improve with decreasing unit cost from the same period last year, with CASK (cost per seat kilometre) and CASK ex-fuel reduced by 5 per cent and 8 per cent, respectively. At the same time, overall passenger experience improved, continuing the trend of increased customer satisfaction since consolidating operations in the new terminal."
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, said: “Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos. We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines. In the next 18 months we expect to add more than 20 new generation aircraft to our fleet, which offer reduced emissions and up to 20 per cent more efficiency compared to previous models.
Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, said: "Etihad’s 8.7 million passengers in the first half of the year accounted for over 63 per cent of the total 13.7 million passengers at Zayed International Airport from January to June 2024. This total represents an approximate 34 per cent increase in passenger numbers through the airport compared to the first half of 2023, highlighting the key role the airline plays in boosting Abu Dhabi’s tourism and trade."
Etihad increased frequencies to key destinations, resulting in the total number of destinations increasing from 70 to 81. This includes new flights to Bali, Thiruvananthapuram, Kozhikode, Boston, Jaipur, and Al Qassim, along with seasonal favourites such as Nice, Antalya, Mykonos, Santorini, and Malaga.
