Etihad Airways hits record profit of AED 1.7 billion in 2024

Etihad Airways tripled its net profit to AED 1.7 billion ($476 million) last year, driven by AED 25 billion ($6.8 billion) in combined passenger and cargo revenue, the UAE carrier said on Wednesday.

Profit after-tax for 2024 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad’s cargo operations, and a significant reduction in net finance costs, down by almost AED 1 billion, or 80 per cent year-on-year, reflecting continuous balance sheet deleveraging supported by strong cash generation.

The airline carried 18.5 million passengers in 2024, a 32 per cent increase from the previous year and a 28 per cent year-on-year increase in Available Seat Kilometres (ASK), alongside an improved passenger load factor, which reached 87 per cent, compared to 86 per cent in 2023.

Passenger revenue increased by AED 4.2 billion ($1.1 billion), or 25 per cent compared to 2023. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year.

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

The airline’s operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings.

Etihad’s team grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions.

UAE National Talent initiatives progressed, with over 70 Emirati cadet pilots graduating and more than 3,000 applications received for the latest cadet programme. UAE Nationals now represent 20 per cent of the workforce, underscoring Etihad’s support for the UAE talent strategy and its role in developing future aviation professionals.

The Chairman of Etihad Airways, Mohammed Ali Al Shorafa, said, “We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions and consistently delivering the reliable, best-in-class service that defines our operations. The unwavering commitment of our team has strengthened our airline, boosting efficiency while consistently improving our exceptional customer experience.

“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.”

Credit rating agency Fitch upgraded Etihad’s rating to A+ in July 2024, citing its materially stronger standalone credit profile.