Etihad Airways Reports 66% Profit Rise To Over $380 Million During 1st 9 Months Of The Year

Etihad Airways has said that its network expansion strategy and significant business growth in its cargo division have allowed the airline to grow its revenues by 21%, resulting in a substantial increase in profitability.

Growing route network

Antonoaldo Neves, the chief executive officer (CEO) of Etihad Airways, said that the airline was happy to report a strong performance during the first nine months of 2024.

During the nine-month period, the airline increased its profit by 66% to AED1.4 billion ($368 million), with revenues growing 21% to AED18.4 billion ($5.0 billion), compared to the corresponding 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.”

According to Neves, the airline’s fleet continued to expand by 16 aircraft, including six newly delivered Airbus A321neo aircraft, which have been in active service.

As of September 30, the airline had 95 aircraft in its operating fleet, including five freighter aircraft, the Boeing 777F.

The carrier’s rolling 12-month passenger number was nearly 18 million, with Etihad Airways ending the nine-month period in 2024 with 13.6 million passengers. As of September 30, 2023, it had carried 10.1 million travelers.

“We’ve also extended our network to 83 destinations as of September, up from 72 a year ago, with further growth expected by year-end.”

Reducing costs and improving passenger experience

The airline highlighted that its operational efficiency continued to improve, resulting in lower unit costs despite increased operating costs associated with growth and investments, with the latter enhancing its products and the passenger experience.

Cost per available seat kilometer excluding fuel (ex-CASK) was 8% lower year-on-year (YoY), which highlighted Etihad Airways’ ongoing commitment to efficiency and quality, the airline’s statement read.

The company added that the overall passenger experience continued to improve, with customer satisfaction indicators showing a positive trend.

Customer experience-related highlights included the new Terminal A at Abu Dhabi Zayed International Airport (AUH) and expanded flight options at more convenient times, which underscored Etihad Airways’ commitment to delivering a seamless and elevated travel experience.

“We extend our heartfelt thanks to our customers for their continued trust and support. We are committed to enhancing their travel experience to be the airline that everyone wants to fly.”

Adding one more A380

Another key milestone that Etihad Airways pointed out was that it has returned another Airbus A380 to service, its fifth out of ten aircraft of the type that it had taken delivery of.

The A380, registered as A6-APF, left storage in June. The aircraft came back to commercial service on October 4, operating an itinerary between Zayed International and London Heathrow Airport (LHR).

Data from the aviation analytics company Cirium showed that Etihad Airways has scheduled 29 weekly flights with the type in November. The destination list from Abu Dhabi includes Mumbai Chhatrapati Shivaji Maharaj International Airport (BOM), Paris Charles De Gaulle Airport (CDG), London Heathrow Airport (LHR) and New York John F. Kennedy International Airport (JFK).

Preliminary schedules showed that in June 2025, the airline will increase its weekly departures with the type to 33, swapping flights to Mumbai with daily itineraries to Singapore Changi Airport (SIN).

During the Routes World conference in October, Arik De, the chief revenue officer (CRO) of Etihad Airways, said that the airline would welcome back two more A380 into its fleet.

The executive also teased that Etihad Airways would announce a new destination that it would operate with the double-decker, adding that the airline’s A380s have never flown there before.