UAE flag-carrier Etihad Airways turns in best ever profit numbers for 2024

Dubai: UAE’s national airline Etihad Airways flew in with a record Dh1.7 billion ($476 million) profit after tax, brought on by a Dh20.8 billion ($5.7 billion) passenger revenue and Dh4.2 billion ($1.1 billion) in cargo revenue. The carrier’s total revenue saw a year-on-year increase of 25 per cent to Dh25.3 billion.

The airline, headquartered in Abu Dhabi, carried 18.5 million passengers last year, a 32 per cent increase from the previous year, ‘reflecting strong and sustained demand across its expanding network’. This growth was supported by an improved passenger load factor, which reached 87 per cent in FY24, compared to 86 per cent in 2023.

Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said, “As we expand our network and enhance our offerings, we remain focused on connecting more people with Abu Dhabi and supporting the Emirate’s tourism ambitions, fulfilling our vision to be the airline that everyone wants to fly.”

The airline’s operating fleet grew to 97 by the end of 2024, up from 85 at the end of 2023. It continued to expand with the addition of 12 aircraft, including introducing a new fleet type, with six A320 NEOs, and the re-entry into service of its fifth A380.

CEO Antonoaldo Neves has remained steadfast in his commitment to "do whatever it takes" to increase the carrier’s fleet size. Despite ongoing issues with aircraft manufacturer Boeing and supply chain delays, the airline aims to double its fleet to 150 planes by 2030.

In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. T

It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025.

In 2024, the airline also approved a Dh3 billion retrofit program—the largest in its history—which, once underway, is expected to enhance cabin comfort and inflight experiences. News of Etihad, an Abu Dhabi wealth fund ADQ-owned company, planning an IPO has been circulating for over a year. However, the airline did not mention its IPO ambitions when announcing its 2024 earnings.

However, Neves said: “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder’s mandate, and contributing to the long-term prosperity and success of the UAE.”

The airline’s profit after tax for FY24, which more than tripled year-on-year, was driven by a significant reduction in net finance costs – down by almost Dh1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation.

The airline, which operates out of Zayed International Airport, strengthened its network through 126 interline, codeshare, and strategic partnerships, including a partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach.

Etihad’s team grew to over 11,000 employees, with over 2,000 new hires and over 1,500 promotions. It said UAE nationals now represent 20 per cent of the workforce. The airline’s network expanded to 80 destinations operated in December 2024.