Travel, Tourism & Hospitality
Etihad flies high with 9-month revenue of $5bn; profit up 66pc
Abu Dhabi flag-carrier Etihad Airways has announced solid results for the first nine months of the year with a 21% jump in its revenue which soared to hit AED18.4 billion ($5 billion), while its net profit recorded a 66% growth compared to last year.
Abu Dhabi flag-carrier Etihad Airways has announced solid results for the first nine months with a 21% jump in its revenue which soared to AED18.4 billion ($5 billion) from AED15.1 billion ($4.1 billion), while its net profit registered a 66% growth in its net profit which hit AED1.4 billion ($368 million), thus posting a significant increase from AED814 million ($222 million) during the same period in 2023.
Announcing its financial results for the nine-month ended September 30, 2024, Etihad said this growth was driven by a strong summer season as a consequence of the successful execution of its network expansion strategy, alongside significant growth in the cargo business, particularly in the third quarter of the year.
The Abu Dhabi carrier's passenger revenue increased by 21%, reaching AED15.2 billion driven by strategic network expansion and increased flight frequencies that further enhanced connectivity.
Etihad carried almost 14 million passengers over the first nine months of the year, a 35 percent increase year-on-year, with Available Seat Kilometres (ASK) reaching 68.2 billion, up 31% year-on-year.
The average passenger load factor stood at 87% for the nine months ended September 30, 2024, up from 86% in the same period last year.
According to Etihad, the strong results reflect the airline’s ongoing strategy of driving growth across the business alongside optimising operational efficiencies and improving customer service.
Cargo revenue rose to AED3 billion, up 21% compared to the same period last year, driven by increased capacity, higher volumes and improved yields.
The UAE national airline pointed out that operational efficiencies continued to improve, with unit costs decreasing year-on-year despite increased operating costs associated with growth and investments to enhance products and customer experience.
Cost per Available Seat Kilometre (CASK) ex-fuel reduced by 8 percent compared to the same period last year, highlighting Etihad's ongoing commitment to efficiency and quality, it stated.
The overall passenger experience continued to improve, with customer satisfaction showing a sustained positive trend.
Highlights included the introduction of Etihad’s fifth A380 and enhanced services supported by the new Terminal A at Zayed International Airport, along with expanded flight options in more convenient time slots, underscoring Etihad’s commitment to delivering a seamless and elevated travel experience for all guests.
Following the announcement of the airline’s Joint Business Agreement with China Eastern in the second quarter, Etihad Cargo extended its partnership with SF Airlines to boost UAE-China trade by enhancing capacity, transit times, and destination access.
Etihad Aviation Group CEO Antonoaldo Neves said: "We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21 percent increase in revenue and a 66 percent increase in profit after tax compared to the same period in 2023."
"This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction," he stated.
"Our operating fleet continues to expand, with all six A321NEOs scheduled for delivery in 2024 now in service. Despite the continued global aircraft shortage, our fleet has grown to 95 aircraft, an increase of 16 aircraft compared to the same time last year," he added.-TradeArabia News Service