Etihad Airways posted its results for the first half of 2024 on August 8, 2024.
The Abu Dhabi-based carrier continues to improve its financials, with an after-tax profit of AED 851 million (approximately US$231.7 million), an increase of 48% compared to the same period last year (in which profit totaled AED 575 million or US$ 156.5 million).
One of the main drivers of this growth was passenger revenue, which was up 24% compared to H1 2023 to 11.7 billion (US$3.1 billion).
While the load factor has remained stable at 85%, Etihad Airways has expanded capacity significantly in the last 12 months, adding 16 new aircraft, launching flights to 11 new destinations and adding frequencies to existing ones. This has resulted in a 38% year-on-year growth in the number of passengers carried in H1 2024, to 8.7 million.
Cargo revenue has also experienced double digit growth, although at a more modest 10% rate.
Lower costs have also contributed to better margins, with Cost per Available Seat Kilometer (CASK) dropping by 5%.
These figures confirm Etihad’s recovery. The airline was left reeling by the pandemic, with losses of up to -$1.7 billion in 2020 and -$478 million in 2021. The 2022 fiscal year saw the airline return to profitability with a meager $25 million profit and 2023 confirmed the upward trend with a full year profit that, nevertheless, was less than that registered in H1 2024.
