Etihad Airways Reports Dh526 Million Profit in First Quarter
UAE’s Etihad Airways has announced a significant profit after tax of Dh526 million in the first quarter of 2024, marking a substantial improvement from Dh59 million in the same quarter last year. This impressive growth represents an increase of over 791 per cent year-on-year.
The airline’s total revenue also saw a notable increase of Dh987 million, rising from Dh4.752 billion in Q1 2023 to Dh5.739 billion in the first quarter of 2024. This growth can be attributed to an expansion in network capacity and a surge in passenger numbers.
During the quarter, Etihad Airways carried 4.2 million passengers, marking a 41 per cent increase compared to the previous year. The average passenger load factor remained steady at 86 per cent for Q1 2024. Revenue from cargo and other sources also remained stable over the same period.
The airline’s operational efficiency has continued to improve, with unit costs decreasing from the same quarter last year. Both CASK (cost per available seat kilometer) and CASK ex-fuel were reduced by 9 per cent and 11 per cent, respectively.
Antonoaldo Neves, Chief Executive Officer of Etihad Airways, expressed his satisfaction with the first quarter earnings, stating that they were equivalent to the total net income for the entire financial year 2023. He highlighted the airline’s margin expansion journey and commended the hard work and dedication of all employees in achieving these results.
Despite the challenges posed by the early start of Ramadan in March this year, compared to late March last year, Etihad Airways demonstrated its adaptability and resilience. Neves outlined plans to expand the airline’s network, enhance offerings, and connect more passengers through Abu Dhabi.
In addition to optimizing its network and increasing frequencies to key destinations, Etihad Airways launched new flights to Thiruvananthapuram, Kozhikode, and Boston. The airline also announced additional routes to Antalya and Jaipur, leading to a 34 per cent increase in total weekly flights for the upcoming peak summer period.
Etihad Airways has played a crucial role in supporting Abu Dhabi’s tourism sector, driving a 43 per cent increase in inbound point-to-point traffic compared to the first quarter of 2023. Operating from its new terminal at Zayed International Airport, the airline has seen improvements in customer satisfaction due to enhanced efficiencies across all passenger touchpoints.
The airline’s operating fleet expanded from 75 to 89 aircraft over the same quarter last year, including the addition of three new 787s in February 2024. With a strong financial performance and strategic growth initiatives, Etihad Airways is poised for continued success in the aviation industry.