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

Etihad

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.

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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”. 

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“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.