Etihad Airways has disclosed its financial results for the first quarter of 2024. The airline reported a profit after tax of AED526 million (US$143 million), a substantial improvement compared to the same period last year.
Total revenue for Q1 2024 surged to AED 5,739 million (US$1,563 million), representing an increase of AED 987 million (US$269 million) from Q1 2023. This growth is attributed to expanded network capacity and a rise in passenger numbers, with 4.2 million passengers flown during the quarter, marking a 41% increase year-on-year.
“We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey,” Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said. “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.”
During the quarter, Etihad launched new flights to Thiruvananthapuram (TRV), Kozhikode (CCJ), and Boston (BOS), with additional routes announced to Antalya (AYT) and Jaipur (JAI). This expansion led to a 34% increase in total weekly flights for the upcoming summer peak.
Other key highlights of Q1 2024 include substantial growth in passenger revenue, steady cargo revenue, improved operational efficiency, and increased operating fleet from 75 to 89 aircraft, including three new Boeing 787-9 Dreamliners.