Etihad Airways reported a 48 percent rise in profit after tax, reaching Dh851 million, fueled by robust growth in passenger and cargo revenues during the first half of 2024. The airline's total revenue surged by 21 percent to Dh11.7 billion, up from Dh9.6 billion in the same period of 2023, primarily due to a 24 percent increase in passenger revenue. This growth reflects heightened demand, strategic network expansions, and enhanced flight frequencies, thereby improving connectivity, according to a company statement.
Cargo revenue also saw a significant 10 percent increase compared to the first half of 2023, driven by increased demand and the fleet's expanded cargo capacity. Antonoaldo Neves, CEO of Etihad Aviation Group, highlighted the strong performance in both passenger and cargo segments, underscoring the effectiveness of the airline's strategic direction and growth trajectory. Despite a global shortage of aircraft, Etihad has expanded its fleet to 92 aircraft, including 16 more than at the same time last year, with three A321neos. The airline plans to introduce six more A321neos this year, equipped with advanced CFM LEAP 1A engines, and expects to add over 20 new-generation aircraft within the next 18 months, offering reduced emissions and up to 20 percent greater efficiency compared to older models.
Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, emphasized the airline's commitment to further network expansion and service enhancement, connecting more people through Abu Dhabi. Etihad carried 8.7 million passengers in the first half of the year, representing over 63 percent of the total 13.7 million passengers at Zayed International Airport from January to June 2024, a 34 percent increase compared to the first half of 2023. This significant growth underscores Etihad's crucial role in boosting tourism and trade in Abu Dhabi. Al Shorafa also highlighted the airline's ongoing contribution to the advancement of Abu Dhabi's tourism and economic development, reinforcing the city's status as a global travel hub through strategic growth and network expansion.
The airline's passenger numbers grew by 38 percent year-on-year, nearly three times the IATA-reported average growth rate of 13 percent for Middle Eastern carriers in the same period. The average passenger load factor remained stable at 85 percent for the first half of 2024, unchanged from the previous year. Etihad has continued to expand its global network by adding new destinations, increasing capacity, and strengthening partnerships. Notably, the airline established a landmark joint venture with China Eastern, marking the first such commercial agreement between a Middle Eastern and Chinese airline. Through these enhancements, Etihad has expanded its network from 70 to 81 destinations, including new routes to Bali, Thiruvananthapuram, Kozhikode, Boston, Jaipur, and Al Qassim, along with seasonal services to Nice, Antalya, Mykonos, Santorini, and Malaga.
