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.
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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.
The airline continued to play a pivotal role in supporting Abu Dhabi’s tourism sector, driving a 43 per cent increase in inbound point-to-point traffic compared to the first quarter of 2023.
In its first quarter operating from its new terminal at Zayed International Airport, the airline has seen significant improvements in customer satisfaction, driven by enhanced efficiencies across all passenger touchpoints.
Etihad’s operating fleet grew from 75 to 89 aircraft over the same quarter last year, including the incorporation of three new 787s in February 2024.