Etihad profit surges 48% on higher passenger volume

Etihad

Etihad Airways said net profit rose 48 percent year on year in the first half of 2024, driven by a rise in passenger numbers and new destinations.

The Abu Dhabi-headquartered airline posted a profit of AED851 million ($232 million) in the first six months, up from AED575 million in the same period last year.

Total revenue increased by 21 percent year on year to AED11.7 billion, primarily fuelled by a 24 percent rise in annual passenger revenue to AED9.7 billion.

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The growth was attributed to strong demand, network expansion and increased frequency in key markets.

Cargo revenue increased 10 percent to AED1.9 billion, supported by growing demand and additional belly capacity.

The airline carried 8.7 million passengers in the first half of 2024, compared to 6.3 million a year earlier. Etihad accounted for 63 percent of the total 13.7 million passengers at Zayed International Airport from January to June 2024.

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The number of destinations rose to 81 from 70 a year ago as the operating fleet grew with an additional three A321neo aircraft in the first six months of 2024. Fleet size saw an addition of 16 new aircraft year on year.   

Antonoaldo Neves, CEO of Etihad Aviation Group, said that the airline will add six A321neos into operation this year, equipped with advanced CFM Leap 1A engines.

“In the next 18 months, we expect to add more than 20 new generation aircraft to our fleet,” he said, noting these aircraft will be 20 percent more efficient than previous models.