Etihad Airways announced its results for the first half of 2024, reporting a 48 percent increase in profit after tax to AED 851 million (USD 232 million), a significant increase from AED 575 million (USD 157 million) in the first half of 2023.
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Total revenue increased by 21 percent to AED 11.7 billion (US$3.2 billion) compared to AED 9.6 billion (US$2.6 billion) in H1 2023, mainly due to passenger revenue, which increased by 24 percent year-on-year. This reflects strong demand fueled by strategic network expansion and increased flight frequencies, which in turn further improved connectivity. There was also a notable increase in cargo revenue by 10 percent compared to the same period in 2023, primarily due to higher demand and increased fleet cargo capacity.
Etihad carried 8.7 million passengers in the first half of the year, up 38 percent from the same period last year. This is about three times the 13 percent average growth rate reported by IATA for Middle Eastern airlines over the same period. The average passenger load factor for the first half of 2024 is 85 percent, unchanged from the first half of last year.
Operational efficiency continued to improve as unit costs decreased compared to the same period last year. CASK (cost per seat kilometer) and CASK ex fuel decreased by 5 percent and 8 percent respectively. At the same time, the overall passenger experience improved and the trend of increased customer satisfaction continued since the consolidation of operations in the new terminal.
The most important highlights of the first half of 2024 at a glance
- Total revenue increased by 21 percent year-on-year, mainly driven by passenger revenue, which increased by almost AED 2 billion (+24 percent year-on-year), reflecting strong demand, strategic network expansion and increased frequencies in key markets.
- Cargo revenue increased by approximately 10 percent to AED 1.9 billion in the first half of 2024 compared to the same period last year, primarily due to increased demand and increased cargo capacity of our fleet.
- Unit costs continue to decline, with CASK and CASK ex-fuel reduced by 5 percent and 8 percent, respectively.
- Profit after tax in the first half of 2024 is 48 percent higher than the net result reported in the first half of 2023. This is due to the strong development in both passenger and freight revenues.
- Capacity growth: Both available seat kilometres (ASK) and passengers showed strong performance in the first half of the year, resulting in 44.4 billion ASK and 8.7 million passengers year-to-date (year-on-year increases of 33 percent and 38 percent respectively).
- Fleet expansion: The operating fleet continued to grow in Q2 2024, with three additional aircraft added in the first six months of 2024. The fleet growth is even more significant compared to the first half of 2023 (+16 aircraft). The three additional aircraft in Q2 2024 are A321neos, a new type introduced into Etihad’s fleet and representing an important step in the company’s growth plans.
