Etihad Airways sees nine month profit lift to £301m

Etihad Airways saw net profits climb by 66% to £301 million in the first nine months of the year.

The increase from a £175 million net result in the same period in 2023 reflect the airline’s ongoing strategy of driving growth alongside optimising operational efficiencies and improving customer service.

The Abu Dhabi-based carrier saw revenue rise by 21% to almost £4 billion driven by a strong summer and network expansion.

The airline flew 13.6 million passengers, a 35% rise over the same period last year

Passenger revenue was up by 21% to reach £3.27 billion as carryings increased by 35% to 14 million.

The average passenger load factor stood at 87% for the nine months to September 30, up 1% from the same period last year.

Highlights included the introduction of a fifth Airbus A380 superjumbo and enhanced services supported by the new Terminal A at Zayed International airport, along with expanded flight options in more convenient time slots.

Chief executive Antonoaldo Neves said: “We are happy to report a strong performance for the first nine months of the 2024 financial year, with a 21% increase in revenue and a 66% increase in profit after tax compared to the same period in 2023. 

“This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction.

“Our operating fleet continues to expand, with all six A321neos scheduled for delivery in 2024 now in service. 

“Despite the continued global aircraft shortage, our fleet has grown to 95 aircraft, an increase of 16 aircraft compared to the same time last year.

“Our rolling 12-month passenger count has reached nearly 18 million, marking an increase of nearly 80 per cent compared to 2022 and underscoring the pace of our growth over the past two years. We’ve also extended our network to 83 destinations as of September, up from 72 a year ago, with further growth expected by year-end.”

He added: “This year, we successfully relaunched our cadet program and promoted more than 1,000 pilots and crew members, empowering them with the skills and experience needed to continue delivering excellence in service to our customers.”