Etihad Airways has reported impressive financial results for the full year 2024, revealing a surge in profits and strong performance across all key areas.
The airline reported a net profit of AED 1.7 billion (US $476 million). Total revenue saw a remarkable 25 percent year-on-year increase, reaching AED 25.3 billion.
This was driven by substantial passenger and cargo revenue growth, alongside significant improvements in operational efficiency.
Passenger Growth Fuels Success
Etihad carried a remarkable 18.5 million passengers in 2024, a substantial 32 percent increase compared to the previous year. This surge in passenger numbers demonstrates the strong and consistent demand for Etihad’s services across its expanding global network.
The airline’s capacity also grew significantly, with a 28 percent year-on-year increase in Available Seat Kilometres (ASK). This expansion allowed Etihad to accommodate the growing number of passengers and offer more travel options.
Furthermore, the passenger load factor, a key indicator of airline efficiency, improved to an impressive 87 percent in 2024, up from 86 percent in 2023.
This demonstrates that Etihad is effectively filling its seats and maximizing its capacity.
Revenue Growth Across the Board
Etihad’s total revenue experienced a remarkable 25 percent year-on-year increase, reaching AED 25.3 billion (£5.5 billion). This growth was fueled by strong performances in both passenger and cargo operations.
Passenger revenue saw a significant AED 4.2 billion (£909 million) increase, representing a 25 percent rise compared to 2023. This growth reflects the airline’s enhanced network, increased capacity, and growing passenger volumes.
Cargo revenue also contributed significantly, rising by 24 percent compared to the previous year. This increase was driven by higher capacity and volume, with a 12 percent increase in cargo leg tonnes carried, coupled with improved yields in the latter half of the year.
Network and Fleet
Etihad significantly expanded its operations in 2024, increasing its weekly flights to over 1,700 and adding frequencies to 25 existing routes.
The airline also launched more than 20 new destinations, including exciting additions like Boston, Jaipur, Bali, and Nairobi, as well as popular summer destinations such as Antalya, Nice, and Santorini.
Impressively, over 10 of these new routes are scheduled to commence operations in 2025, further expanding Etihad’s reach. Etihad’s operating fleet also grew, with the addition of 12 aircraft, including the introduction of the new A320neos and the return to service of its fifth A380.
This expansion brings Etihad’s total fleet to 97 aircraft, making it one of the youngest and most fuel-efficient fleets in the region. This commitment to a modern fleet aligns with Etihad’s ESG strategy to minimize carbon emissions while enhancing its service offerings.
Investment in Customer Experience
Etihad is committed to enhancing the customer experience and has made significant investments in this area. These efforts have resulted in a substantial increase in Net Promoter Score (NPS). This reflects higher levels of operational and service satisfaction.
In 2024, Etihad approved its largest-ever retrofit program, involving an AED 3 billion investment. The upgrade program promises to further elevate cabin comfort, the in-flight experience, and NPS.
Furthermore, over 200 enhancements were made to the Etihad website and app to improve the guest experience.
Leadership Perspectives
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Airways, expressed his gratitude to the airline’s guests and employees; emphasizing their role in Etihad’s success. He reiterated the airline’s commitment to connecting people with Abu Dhabi and supporting the Emirate’s tourism ambitions.
Antonoaldo Neves, Chief Executive Officer of Etihad Airways, also praised the dedication of the Etihad team. He further affirmed their contributions to the airline’s strong performance.
He expressed confidence in Etihad’s future and its ability to deliver exceptional customer experiences while achieving sustainable growth.
Summary
Etihad’s strong financial performance in 2024 reflects its focus on optimizing its fleet and network, improving efficiency, and enhancing productivity.
The airline strengthened its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern and a strategic alliance with SF Airlines.
Profit after tax more than tripled, driven by strong passenger business momentum, a robust recovery in cargo operations, and a significant reduction in net finance costs.
Etihad’s strong performance was also recognized by Fitch Ratings, which upgraded the airline’s credit rating to A+ in July 2024.
These results demonstrate Etihad’s strong financial position and its subsequent rise in profitability.
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