Etihad Airways posted a record after-tax profit of Dh1.75 billion ($476 million) 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 per cent annually to Dh25.3 billion ($6.9 billion), driven mainly by a 25 per cent surge in passenger revenue, the airline said on Wednesday.
Passenger traffic grew by 32 per cent annually to 18.5 million, 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 per cent, while available seat kilometres (ASK) increased 28 per cent year-on-year.
The airline’s profit growth was also supported by a 24 per cent annual increase in its cargo revenue to Dh4.16 billion, fuelled by increased capacity and volume.
“Looking ahead, I am confident we will continue to be a financially strong airline,” Antonoaldo Neves, chief executive 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 Dh4.7 billion last year, a 32 per cent year-on-year increase.
Global air passenger demand reached a record high in 2024, with full-year traffic increasing by 10.4 per cent annually, according to the International Air Transport Association (Iata). Middle East airlines reported a 9.4 per cent traffic jump during the year.
“The year 2024 made it absolutely clear that people want to travel. On average, 83.5 per cent 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 per cent”.
Fleet and route expansion
Etihad added 12 aircraft to its fleet last year, taking its total fleet size to 97 aircraft as of December, including six new Airbus A320 NEOs, and the return to service of its fifth A380. The airline, which plans to triple passenger numbers to 33 million by the end of the decade, expanded its operations to more than 1,700 weekly flights last year.
Etihad said it now operates “the youngest and most fuel-efficient fleet in the region, supporting its ESG [environmental social and governance] strategy to minimise carbon emissions”.
However, as Etihad forges ahead with plans to double its fleet size by the end of the decade and add about eight to 10 destinations every year, the airline is “done in terms of its aircraft needs” until 2030, Mr Neves told The National in November.
“We don't need incremental planes until 2030 because we spent a lot of time last year trying to make sure we get those planes. We have left inside our fleet plan some flexibility if there's a need to cut capacity, because we have some planes that will come off lease, but we're operating on the other side of that,” he said at the time.
With an aim to capitalise on strong air travel demand amid a shortage of new jets, Etihad Airways plans to invest nearly $1 billion to retrofit its older Boeing 777 and 787 Dreamliner aircraft, with retrofitting the older Boeing wide-bodies expected to start in 2026, it said in November. The investment in the retrofit programme is on top of plans to plough $7 billion by 2030 into new aircraft and other capital expenditure, Mr Neves said at the time.
Once under way, the retrofit programme is expected to “further elevate cabin comfort, in-flight experience, and net promoter score”, Etihad said on Wednesday.
Etihad's expansion has also supported Zayed International Airport’s growth. The Abu Dhabi airport handled 28.8 million passengers last year, up from 22.4 million in 2023.
Meanwhile, the airline hired more than 2,000 employees last year, with its workforce totalling over 11,000.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Zayed Sustainability Prize
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
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Rating: 2/5
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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