Etihad Airways has reported a half-year after-tax profit of AED 851 million (€212m); 48% up on the same period last year.
The Abu Dhabi-based airline posted first-half revenues of AED 11.7bn, up 24% year-on-year.
Etihad carried 8.7 million passengers over the first half of the year, up 38% year-on-year, which is approximately three-times higher than IATA’s reported average growth rate of 13% for Middle Eastern carriers in the same period.
Antonoaldo Neves, CEO of Etihad Aviation Group, said: “We are pleased to report a strong first half of the 2024 financial year, with profit after tax 48% higher than the net result reported in the same period of 2023. This reflects a robust performance in both passenger and cargo revenues, demonstrating the soundness of our strategy and growth path.
“Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos. We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines. In the next 18 months we expect to add more than 20 new generation aircraft to our fleet, which offer reduced emissions and up to 20 per cent more efficiency compared to previous models.
“I extend heartfelt gratitude to our people, whose hard work and dedication in the air and on the ground, working together for a purpose, have been instrumental in achieving these results.”
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, said: “Our dedication to customer service remains steadfast as we prepare to further expand our network and enrich our services, connecting more individuals to and through Abu Dhabi. Etihad’s 8.7 million passengers in the first half of the year accounted for over 63 per cent of the total 13.7 million passengers at Zayed International Airport from January to June 2024. This total represents an approximate 34 per cent increase in passenger numbers through the airport compared to the first half of 2023, highlighting the key role the airline plays in boosting Abu Dhabi’s tourism and trade.
“Etihad continues to play a pivotal role in advancing Abu Dhabi’s tourism and economic development. Our strategic growth and network expansion not only bolster the connectivity of our capital but also significantly contribute to the prosperity of the UAE’s economy. We are committed to further enhancing our services and expanding our reach, ensuring Abu Dhabi remains a key global travel hub.”
Etihad continued to enhance its global network by adding new destinations and increasing capacity, as well as expanding partnerships. During this period, Etihad signed a landmark joint venture with China Eastern, marking the first commercial agreement of its kind between a Middle Eastern and Chinese airline.
Etihad optimised its network by enhancing connectivity and routes, as well as increasing frequencies to key destinations, resulting in the total number of destinations increasing from 70 to 81. This includes new flights to Bali, Thiruvananthapuram, Kozhikode, Boston, Jaipur, and Al Qassim, along with seasonal favourites such as Nice, Antalya, Mykonos, Santorini, and Malaga.
In July 2024, credit rating agency Fitch upgraded Etihad’s rating to an A+ status, citing its materially stronger standalone credit profile.
