Etihad Airways reports record profit for third consecutive year

Etihad Airways has posted its financial performance for the full year 2024, with a profit after tax of AED 1.7 billion (U.S.$ 476 million / €440 million), more than three times its 2023 results. The airline saw a 25% increase in total revenue, reaching AED 25.3 billion (U.S.$ 6.9 billion / €6.4 billion), driven by strong passenger and cargo demand.

Passenger numbers surged by 32% to 18.5 million, supported by a 28% rise in Available Seat Kilometres (ASK) and a high passenger load factor of 87%. Operational efficiency improvements, including a 4% year-on-year reduction in Cost per Available Seat Kilometre (CASK) excluding fuel, contributed to the airline’s continued profitability.

Etihad expanded its global network with over 20 new destinations, including Boston, Bali, and Nairobi, and increased frequencies on 25 key routes. Fleet growth remained a priority, with the addition of 12 aircraft, including six A320 NEOs and the return of its fifth Airbus A380. The airline also introduced major customer experience enhancements, such as a AED 3 billion (U.S.$ 816 million / €754 million) cabin retrofit program, an AI-powered premium call center, and digital upgrades to its website and mobile app. These efforts translated into higher Net Promoter Scores (NPS) and multiple industry awards, including Best Cabin Crew, Best Economy Class, and Best First Class Lounge.

The airline’s financial strength was further reinforced by a significant reduction in net finance costs, down by AED 1 billion (U.S.$ 272 million / €252 million) year-on-year, and a decrease in net leverage from 2.5x to 1.4x. Strong cash flow from operations, amounting to AED 5.8 billion (U.S.$ 1.6 billion / €1.46 billion), enabled continued investment in network growth and sustainability initiatives. Looking ahead, CEO Antonoaldo Neves emphasized Etihad’s commitment to delivering sustainable, profitable growth while enhancing customer experience. As the airline continues to expand its footprint and improve efficiency, it remains a key player in strengthening Abu Dhabi’s position as a global aviation hub.