This week saw UAE operator, Etihad Airways, report its first half of 2024 (H1) profit increase, signifying strong growth for the carrier.
This article will cover the details surrounding Etihad Airways H1 2024 profits, and what this means for the UAE operator.
Etihad’s H1 2024 Profits Breakdown
Etihad Airways has reported a 48% increase in profit after tax for its first half (H1) of 2024. The carrier has achieved a profit of AED 851 million ($232 million USD). This is quite the increase of 2023’s H1 profit of AED 575 million ($157 million USD).
In terms of revenue, the operator saw a 21% increase to AED 11.7 billion ($3.2 billion USD). This is over H1 2023’s, AED 9.6 billion ($2.6 billion USD).
These figures are thanks to a strong increase in both passenger and cargo demand. With passenger demand up by 24% and cargo up by 10%. Specifically around passengers, Etihad carried a total of 8.7 million during H1 2024. This is a 38% increase over H1 2023, with an average load factor of 85%. As for cargo, the operator handled 320,000 leg tonnes.
During this time, the operator also saw their destination list increase by 11 to 81 cities. As well as their fleet had increased by 16 aircraft to a total of 92.
Senior Comments
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, has 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.”
“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. I extend heartfelt gratitude to our people, whose hard work and dedication in the air and on the ground, working together for a purpose, have been instrumental in achieving these results.”
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, added. “Our dedication to customer service remains steadfast as we prepare to further expand our network and enrich our services, connecting more individuals to and through Abu Dhabi. 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 continues to play a pivotal role in advancing Abu Dhabi’s tourism and economic development. Our strategic growth and network expansion not only bolster the connectivity of our capital but also significantly contribute to the prosperity of the UAE’s economy. We are committed to further enhancing our services and expanding our reach, ensuring Abu Dhabi remains a key global travel hub.”
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