Etihad Airways posts record 2024 profit on strong travel demand

Etihad Airways posted a record after-tax profit of Dh1.75b ($476m) last year, more than three times that of 2023, driven by strong passenger and cargo revenue as the Abu Dhabi airline continues to expand its route network. Total revenue increased by 25% annually to Dh25.3b ($6.9b), driven mainly by a 25% surge in passenger revenue, the airline said on Wednesday. Passenger traffic grew by 32% annually to 18.5m, as Etihad Airways launched more than 20 more destinations during the year, including Boston, Jaipur, Bali and Nairobi. Flights to more than 10 of these cities are set to begin operations this year. Passenger load factor reached 87%, while available seat kilometres (ASK) increased 28% year-on-year. The airline’s profit growth was also supported by a 24% annual increase in its cargo revenue to Dh4.16b, fuelled by increased capacity and volume. “Looking ahead, I am confident we will continue to be a financially strong airline,” Antonoaldo Neves, CE of Etihad Airways, said. Etihad said it “strengthened profitability and expanded margins through an optimised fleet and network, and improved efficiency”. Earnings before interest, taxes, depreciation and amortisation reached Dh4.7b last year, a 32% year-on-year increase. Global air passenger demand reached a record high in 2024, with full-year traffic increasing by 10.4% annually, according to the Iata. Middle East airlines reported a 9.4% traffic jump during the year. “The year 2024 made it absolutely clear that people want to travel. On average, 83.5% of all seats on offer were filled – a record high, partially attributable to the supply chain constraints that limited capacity growth,” said Willie Walsh, Iata’s director general, in January. He added that there is every indication that demand for travel will continue to grow this year, “albeit at a moderated pace of 8%”.<br/>