Etihad Airways today announced its H1 2024 results, recording a 48 percent increase in profit after tax achieving AED851 million (US$232 million), a significant increase from AED575 million (US$157 million) in H1 2023, highlighting the airline’s continued focus on growth coupled with optimising operational efficiencies.
Etihad’s total revenue increased 21 per cent to AED11.7 billion (US$3.2 billion), from AED9.6 billion (US$2.6 billion) in H1 2023, mainly due to passenger revenue, which saw a 24 per cent year-on-year increase, reflecting strong demand fuelled by strategic network expansion and increased flight frequencies, consequently improving connectivity.
There was also a notable 10 per cent increase in cargo revenue compared to the same period of 2023, primarily driven by higher demand and higher cargo capacity of the fleet.
Etihad carried 8.7 million passengers over the first half of the year, up 38 per cent year-on-year, which is approximately 3 times higher than IATA’s reported average growth rate of 13 per cent for Middle Eastern carriers in the same period. The average passenger load factor stands at 85 per cent for H1 2024, and remains unchanged compared to the first half of last year.
Operational efficiencies continued to improve with decreasing unit cost from the same period last year, with CASK (cost per seat kilometer) and CASK ex-fuel reduced by 5 per cent and 8 per cent, respectively. At the same time, overall passenger experience improved, continuing the trend of increased customer satisfaction since consolidating operations in the new terminal.
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, said: “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 a 33.5 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 Airways 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.”
Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group , 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.
“Nothwisthanding 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 a 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.”
Etihad continued to enhance its global network by adding new destinations and increasing capacity, as well as expanding partnerships. During this period, Etihad signed a landmark joint venture with China Eastern, marking the first commercial agreement of its kind between a Middle Eastern and Chinese airline.
Etihad optimised its network by enhancing connectivity and routes, as well as increasing frequencies to key destinations, resulting in the total number of destinations increasing from 70 to 81. This includes new flights to Bali, Thiruvananthapuram, Kozhikode, Boston, Jaipur, and Al Qassim, along with Nice, Antalya, Mykonos, Santorini, and Malaga.
Etihad’s sound financial status has been recognised by credit rating agency Fitch, which upgraded Etihad’s rating to an A+ status, citing its stronger standalone credit profile.
