Etihad Airways announces Dh1.7 billion profit after tax in 2024
Etihad Airways today announced its results for the full year 2024, recording strong performance across all key metrics with a Dh1.7 billion profit after tax driven by Dh20.8 billion passenger revenue and Dh4.2 billion Cargo revenue, alongside significant operational efficiency improvements.
The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network.
Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching Dh4.7 billion, a 32 per cent year-on-year increase.
Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad's cargo operations, and a significant reduction in net finance costs – down by almost Dh1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation.
Total revenue saw a remarkable year-on-year increase of 25 per cent to Dh25.3 billion. This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by Dh4.2 billion, or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year.
In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025.
The airline's operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings.
Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach.
Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity.
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