Skip to content Skip to Search
Skip navigation

Etihad Q1 profit jumps nine-fold on 41% traffic growth

Total revenue at Etihad increased 21 percent year on year to nearly AED6 billion Etihad
Total revenue at Etihad increased 21 percent year on year to nearly AED6 billion

Etihad Airways’ net profit surged 792 percent to AED526 million ($143 million) in the first quarter, from AED59 million a year ago, amid strong growth in passenger revenue and reduced net finance costs.

Total revenue at the UAE flag carrier increased 21 percent year on year to nearly AED6 billion, driven by increased network capacity and passenger numbers.

Despite Ramadan starting early March this year, the airline carried 4.2 million passengers over the quarter, up 41 percent annually.

The first quarter saw an expansion in capacity, supported by growth in available seat kilometres and passenger numbers increasing by 35 percent and 41 percent, respectively, year on year.

The first quarter earnings are equivalent to the total net income for the entire financial year 2023, said Antonoaldo Neves, CEO of Etihad Airways, as the airline continues its “margin expansion journey”. 

“We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency,” he said.

During the first quarter, Etihad expanded its network, leading to a 34 percent increase in total weekly flights for the upcoming peak summer period from 642 last year to 858 this year.

The airline’s operating fleet grew from 75 to 89 aircraft year on year in the first quarter, after adding three new 787s in February.

Latest articles

Investment app Sarwa had more than 180,000 registered users by the first quarter of 2023

Investment app Sarwa fined by Dubai and Abu Dhabi regulators

Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech.  On the same day, the Financial Services Regulatory Authority […]

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]