Etihad Airways has announced its third consecutive year of profitability with a record AED 1.7 billion (US$476 million) profit after tax for 2024.
The Abu Dhabi-based carrier reported its annual profit has more than tripled compared to the previous financial year.
Passenger numbers increased by 32 per cent year-on-year, rising from 14 million to 18.5 million travellers.
Total revenue increased by AED 5 billion (US$1.4 billion) to AED 25.3 billion (US$6.9 billion), driven by strong performance in both passenger and cargo operations.
The airline’s passenger load factor reached 87 per cent, despite a 28 per cent year-on-year increase in Available Seat Kilometres (ASK).
Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said: “We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions and consistently delivering the reliable, best-in-class service that defines our operations.”
Etihad significantly expanded its network in 2024, launching more than 20 new destinations including Boston, Jaipur, Bali, and Nairobi.
The airline also added 12 aircraft to its fleet, including the return to service of its fifth A380 and the introduction of six A320 NEOs.
Strong cash generation with cash flow from operations at AED 5.8 billion (US$1.6 billion) supported growth and further reduced the airline’s net leverage from 2.5x in FY23 to 1.4x in FY24.
Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy.”
“Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety.”
The airline approved a AED 3 billion retrofit program during the year, which it describes as the largest in its history, aimed at further enhancing cabin comfort and inflight experience.
Etihad received multiple industry awards in 2024, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge.
It was also named Environmental Airline of the Year by AirlineRatings.com for the third consecutive year.
The carrier strengthened its workforce by hiring more than 2,000 new employees and promoting over 1,500, primarily pilots and cabin crew.
UAE Nationals now represent 20 per cent of Etihad’s workforce, which has grown to over 11,000 employees.
Throughout 2024, Etihad continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, described as the first of its kind between a Middle Eastern and Chinese airline.
Credit rating agency Fitch upgraded Etihad’s rating to A+ in July 2024, citing its materially stronger standalone credit profile.
