Etihad Airways Reports $143 Million Profit Surge in Q1 2024
Etihad's operating fleet expanded from 75 to 89 aircraft over the same quarter last year, including the addition of three new 787s in February 2024.
Etihad Airways, the UAE's flag carrier, announced a profit after tax of Dh526 million ($143.21 million) for the first quarter (Q1) of 2024, compared to Dh59 million ($16.06 million) recorded during the first three months of 2023, a year-on-year (YoY) growth of 791%.[1]
The surge in profitability coincides with an increase in total revenue, which soared by Dh987 million ($268.72 million), from Dh4.752 billion ($1.29 billion) in Q1 2023 to Dh5.739 billion ($1.56 billion) in Q1 2024.
Over the quarter, Etihad Airways served 4.2 million passengers, reflecting a 41% YoY increase. Despite this surge, the airline maintained an average passenger load factor of 86%, consistent with the same period last year.
Furthermore, Etihad Airways worked towards enhancing operational efficiency, achieving a decrease in unit costs compared to the previous year. Specifically, both cost per available seat kilometer (CASK) and CASK ex-fuel decreased by 9% and 11%, respectively.
The airline's strategic initiatives also included the launch of new flights to Thiruvananthapuram, Kozhikode, and Boston, alongside the announcement of additional routes to Antalya and Jaipur. As a result, Etihad's total weekly flights for the upcoming peak summer period surged by 34%, reaching 858 flights in 2024 compared to 642 flights the previous year.
Moreover, Etihad's operating fleet expanded from 75 to 89 aircraft over the same quarter last year, including the addition of three new 787s in February 2024.