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Etihad posted record first quarter 2024 profit. (WAM)
  • The airline said the revenue increase reflects 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.

Abu Dhabi, UAE — Etihad Airways has posted a record profit after tax of AED526 million (US$143 million) in the first quarter, a significant improvement over Q1 2023.

Total revenue increased by AED987 million (US$269 million), from AED 4,752 million (US$1,294 million) in Q1 2023 to AED 5,739 million (US$ 1,563 million) in Q1 2024, reflecting 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.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said, “We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency.”

“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,” he added.

During this period, Etihad optimized its network by enhancing routes and increasing frequencies to key destinations. 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 has 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.