Etihad Airways has reported a significant 48% increase in net profit for the first half of 2024, driven by a sharp rise in passenger numbers and the launch of new destinations. The Abu Dhabi-based airline posted a net profit of AED851 million ($232 million), up from AED575 million in the same period last year.
The airline’s total revenue surged 21% year-on-year, reaching AED11.7 billion. This growth was fueled by a 24% increase in passenger revenue, which hit AED9.7 billion, thanks to strong demand and strategic network expansion. The airline’s cargo division also saw a 10% rise in revenue, totaling AED1.9 billion, supported by increased belly capacity and robust market demand.
In the first six months of 2024, Etihad carried 8.7 million passengers, a substantial increase from 6.3 million in the same period the previous year. The airline’s share of total passenger traffic at Zayed International Airport reached 63%, out of a total of 13.7 million passengers.
Etihad’s fleet expansion played a crucial role in this growth, with the number of destinations served increasing from 70 to 81 year-on-year. The airline added three A321neo aircraft to its operating fleet, contributing to a total of 16 new aircraft in the past year.
Antonoaldo Neves, CEO of Etihad Aviation Group, announced plans to introduce six more A321neos equipped with advanced CFM Leap 1A engines into the fleet by the end of the year. He also revealed that over the next 18 months, the airline expects to add more than 20 new generation aircraft, which are projected to be 20% more efficient than previous models.
Etihad’s robust performance in the first half of 2024 underscores the airline’s successful strategy in navigating the post-pandemic aviation landscape, positioning it for continued growth in the years ahead.
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