Etihad Airways posts ninefold increase in profits

Etihad Airways posts ninefold increase in profits

Profit after tax surged to US$143m in Q1 of 2024, up from US$16m in Q1 2023

A significant increase in passenger numbers, improved operational efficiency, lower financing costs and the addition of several new routes have attributed to Etihad Airways announcing that its post-tax, first-quarter profits have increased by a staggering 88.8% in 2024.

According to the airline, results from the first three months of 2024 showed a profit after tax of US$143m, up from US$16m compared to the same period the previous year.

Total revenue increased by 21% to US$269m, up from US$1,294m in Q1 2023 to US$1,563m in Q1 2024, helped by a 41% rise in passenger numbers to 4.2 million.

Etihad Airways chief executive officer Antonoaldo Neves said: "We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey. We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency.

"This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business."

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During this period, Etihad optimised its network by enhancing routes and increasing frequencies to key destinations. The airline also launched new flights to Thiruvananthapuram, Kozhikode and Boston, and announced additional routes to Antalya and Jaipur. The additional capacity has led to a 34% increase in Etihad's total weekly flights for the upcoming peak summer period, growing from 642 last year to 858 in 2024.

Etihad’s operating fleet grew from 75 to 89 aircraft over the same quarter last year, including the incorporation of three new 787s in February 2024.

The airline has continued to play a pivotal role in supporting Abu Dhabi's tourism sector, driving a 43% increase in inbound point-to-point traffic compared to the first quarter of 2023.

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