Dubai: For Etihad Airways, post-tax profit during the first half of the year saw a 48 per cent surge to Dh851 million, as revenue rose 21 per cent as the carrier saw more passengers as it continued to expand its network and increase its flight frequencies.
Etihad’s total revenue increased 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 strong demand fuelled by better connectivity. There was also a notable 10 per cent increase in cargo revenue compared to the same period of 2023, 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, which is approximately 3 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.
Operational efficiencies continued to improve with decreasing unit cost from the same period last year, with CASK (cost per seat kilometer) 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.
Boosting Abu Dhabi connectivity
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 a 33.5 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."
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group , said: "We are pleased to report a strong first half of the 2024 financial year, with profit after tax 48 per cent higher than the net result reported in the same period of 2023. This reflects a robust performance in both passenger and cargo revenues, demonstrating the soundness of our strategy and growth path.
"Nothwisthanding 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."
Etihad continued to enhance its global network by adding new destinations and increasing capacity, as well as expanding partnerships. During this period, Etihad signed a landmark joint venture with China Eastern, marking the first commercial agreement of its kind between a Middle Eastern and Chinese airline.
Etihad optimised its network by enhancing connectivity and routes, as well as increasing 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 Nice, Antalya, Mykonos, Santorini, and Malaga.
