Etihad reports 48% increase in profits in the first half of 2024
Etihad Airways announced its H1 2024 results, recording a 48 per cent increase in profit after tax achieving AED 851 million (U.S.$ 232 million), a significant increase from AED 575 million (U.S.$ 157 million) in H1 2023.
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Total revenue increased 21 per cent to AED 11.7 billion (U.S.$ 3.2 billion), from AED 9.6 billion (U.S.$ 2.6 billion) in H1 2023, mainly due to passenger revenue, which saw a 24 per cent year-on-year increase, reflecting strong demand fuelled by strategic network expansion and increased flight frequencies, consequently further improving connectivity. There was also a notable 10 per cent increase in cargo revenue compared to the same period of 2023, primarily driven by higher demand and higher cargo capacity of the fleet.
Etihad carried 8.7 million passengers over the first half of the year, up 38 per cent year-on-year, which is approximately three-times higher than IATA’s reported average growth rate of 13 per cent for Middle Eastern carriers in the same period. The average passenger load factor stands at 85 per cent for H1 2024 and remains unchanged compared to the first half of last year.
Operational efficiencies continued to improve with decreasing unit cost from the same period last year, with CASK (cost per seat kilometre) and CASK ex-fuel reduced by 5 per cent and 8 per cent, respectively. At the same time, overall passenger experience improved, continuing the trend of increased customer satisfaction since consolidating operations in the new terminal.
Key H1 2024 highlights at a glance
