Etihad Airways reported a profit after tax of Dh1.4 billion (U.S. $368 million) for the first nine months of 2024, marking a substantial rise from Dh814 million (U.S. $222 million) in the same period of 2023, according to its financial results as of September 30, 2024.
Total revenue grew 21% to Dh18.4 billion (U.S. $5.0 billion), up from Dh15.1 billion (U.S. $4.1 billion) the previous year, driven by a strong summer season and significant expansion in the cargo business, especially in Q3.
Passenger revenue rose by 21% to Dh15.2 billion (U.S. $4.1 billion), with nearly 14 million passengers flown, a 35% increase year-over-year. Available Seat Kilometres (ASK) reached 68.2 billion, up 31% from the prior year, and the average passenger load factor was 87%, compared to 86% in 2023.
Cargo revenue also increased, reaching Dh3 billion (U.S. $808 million), a 21% rise driven by higher capacity, volume, and yield improvements.
Operational efficiency improved, with unit costs reduced despite higher operating expenses tied to growth and product enhancements. Cost per Available Seat Kilometre (CASK) excluding fuel dropped by 8% from the previous year.
Customer satisfaction continued on a positive trajectory, supported by the addition of Etihad’s fifth A380, the new Terminal A at Zayed International Airport, and more convenient flight schedules.
Additionally, following a Joint Business Agreement with China Eastern earlier this year, Etihad Cargo strengthened its partnership with SF Airlines to bolster UAE-China trade, enhancing capacity, transit times, and destination access.
