UAE: Etihad Airways reports Dh526 million profit in first quarter

UAE's Etihad Airways on Thursday said it recorded a profit after tax of Dh526 million in the first quarter of 2024 as compared to Dh59 million in same quarter last year, a significant improvement of over 791 per cent.

Total revenue increased by Dh987 million, from Dh4.752 billion in Q1 2023 to Dh5.739 million on the back of an increase in network capacity and passenger numbers.

The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year. The average passenger load factor stands at 86 per cent for Q1 2024 and remains unchanged compared to the first quarter of last year. Revenue from cargo and other sources remained broadly stable over the same period.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The airline continued to improve its operational efficiency with decreasing unit cost from the same quarter last year (CASK and CASK ex-fuel reduced by 9 per cent and 11 per cent, respectively).

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said, first quarter earnings were equivalent to the total net income for the entire financial year 2023 as the airline continued its margin expansion journey.

“This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business. Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi. I would like to extend my deepest thanks to all our employees whose hard work and dedication have been crucial in achieving these results,” he said.

During this period, Etihad optimised its network by enhancing routes and increasing frequencies to key destinations.

New flights

The airline also launched new flights to Thiruvananthapuram, Kozhikode, and Boston, and announced additional routes to Antalya and Jaipur. The additional capacity has led to a 34 per cent increase in Etihad's total weekly flights for the upcoming peak summer period, growing from 642 last year to 858 in 2024.

• UAE: Adnoc Distribution net profit surges to $150 million