Etihad Airways announced record profits in the first quarter of 2024, as it recorded net profits after tax of 526 million dirhams ($143 million), compared to 59 million dirhams ($16 million) in the same period in 2023, a growth of 791.52%, which is considered… A significant improvement from the first quarter of 2023, and indicates a strong start to fiscal year 2024.
Revenues increased by 987 million dirhams ($269 million), from 4.75 billion dirhams ($1.29 billion) in the first quarter of 2023 to 5.73 billion dirhams ($1.56 billion) in the first quarter of 2024, reflecting an increase in network capacity and the number of passengers.
Etihad Airways carried 4.2 million passengers during the quarter, an increase of 41% over last year. The average passenger load factor reached 86% in the first quarter of 2024, and this percentage remained constant compared to the first quarter of last year. Revenues from shipping and other sources remained largely stable during the same period.
The carrier continues to improve its operational efficiency while reducing unit costs for the same period last year (reducing the cost of available seat kilometers and the cost of available seat kilometers without fuel by 9% and 11%, respectively).
Antonaldo Neves, CEO of Etihad Airways, said: “We are pleased to announce a strong start to the fiscal year 2024, as our profits in the first quarter amounted to the equivalent of the total net profit for the fiscal year 2023, and we will continue our journey towards margin expansion. At the same time, we have maintained flexibility in our business with a focus on serving our customers and growth, while continuing to improve our commitment to efficiency.”
In the first quarter of operating its operations at its new headquarters at Zayed International Airport, Etihad Airways witnessed a significant improvement in customer satisfaction, which came as a result of enhanced efficiency across all points of travel. The waiting lounges provide more comfort and exclusive services, which enhances the travel experience as a whole. In addition, streamlined and flexible check-in processes have contributed to positive customer reviews.