Etihad Airways' profits increased by 48% to AED851 million in H1-24.

Etihad Airways announced its financial results for the first half of 2024, revealing a 48 percent increase in profit after tax, totaling AED 852 million (US$232 million), a significant rise from AED 577 million (US$157 million) in the first half of 2023.

Total revenue rose by 21 percent to AED 11.7 billion ($3.2 billion), up from AED 9.6 billion ($2.6 billion) in H1 2023, driven mainly by a 24 percent year-on-year increase in passenger revenue due to strategic network expansion and increased flight frequencies. Cargo revenue also saw a notable 10 percent increase compared to the same period in 2023, attributed to higher demand and increased cargo capacity.

During the first half of the year, Etihad served 8.7 million passengers, marking a 38 percent year-on-year increase, significantly outperforming the IATA's reported average growth rate of 13 percent for Middle Eastern carriers in the same period. The average passenger load factor for H1 2024 remained steady at 85 percent, unchanged from the first half of last year.

Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, emphasized the airline's pivotal role in boosting Abu Dhabi's tourism and trade, as evidenced by carrying over 63 percent of the total 13.7 million passengers at Zayed International Airport from January to June 2024. This reflects an approximate 34 percent increase in passenger numbers compared to the first half of 2023, showcasing the airline's significant contribution to Abu Dhabi's tourism and economic development.

Antonoaldo Neves, CEO of Etihad Aviation Group, highlighted the addition of 16 more aircraft to the fleet compared to the previous year, including three A321neos, and the plans to introduce six A321neos equipped with advanced CFM LEAP 1A engines this year. Additionally, the company aims to incorporate over 20 new-generation aircraft into its fleet within the next 18 months, offering reduced emissions and up to 20 percent more efficiency compared to previous models.