Etihad Airways achieves .2bn revenue in the first half of the year

Etihad Airways Takes Flight to Success with .2 Billion Revenue in First Half of 2024

In a soaring announcement, the UAE’s national carrier, Etihad Airways, revealed its impressive financial results for the first half of 2024. The airline reported a substantial 48% increase in profit after tax, reaching AED 851 million (2 million), marking a significant jump from AED 575 million (7 million) in the same period last year.

Key Highlights from Etihad’s H1 2024 Results

Total revenue experienced a robust 21% growth to reach AED 11.7 billion (.2 billion), up from AED 9.6 billion (.6 billion) in the first half of 2023. The surge in revenue was primarily driven by the passenger segment, which saw a remarkable 24% year-on-year increase. This growth was fueled by strategic network expansion initiatives and increased flight frequencies.

Furthermore, Etihad witnessed a noteworthy 10% rise in cargo revenue compared to the prior year, driven by surging demand and enhanced cargo capacity across the fleet.

Passenger Growth and Performance Metrics

During the first half of 2024, Etihad proudly served 8.7 million passengers, marking a significant 38% increase year-on-year. This growth rate was almost three times higher than the average reported by IATA for Middle Eastern carriers in the same period.

Etihad’s average passenger load factor for H1 2024 remained steady at 85%, maintaining its performance compared to the previous year.

Etihad’s Role in Boosting Abu Dhabi’s Tourism and Trade

Commenting on the airline’s positive impact, Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, highlighted, “Etihad’s 8.7 million passengers in the first half of the year accounted for over 63% of the total 13.7 million passengers at Zayed International Airport from January to June 2024.” He emphasized the significant role Etihad plays in driving tourism and trade in Abu Dhabi.

Antonoaldo Neves, CEO of Etihad Aviation Group, emphasized the airline’s strategic growth and network expansion efforts, stating, “Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos.” He also announced plans to introduce six A321neos, equipped with advanced CFM LEAP 1A engines, this year. Over the next 18 months, Etihad aims to add more than 20 new-generation aircraft to its fleet, offering enhanced efficiency and reduced emissions.

Looking Ahead: Etihad’s Vision for Success

Etihad’s impressive financial performance and strategic initiatives underscore its commitment to driving growth and innovation in the aviation sector. With a strong focus on enhancing connectivity and contributing to the UAE’s economic prosperity, the airline is poised for continued success in the competitive global aviation landscape.

As Etihad Airways continues to spread its wings and reach new heights, the sky’s the limit for this influential airline in the Middle East and beyond.

By reporting on Etihad’s robust financial results and strategic initiatives, we aim to provide valuable insights into the aviation industry’s dynamics and the competitive landscape shaping the future of air travel. With a keen eye on driving economic growth and promoting sustainable aviation practices, Etihad Airways stands as a beacon of success in the airline industry.