Etihad Airways reported record profits in the first quarter of 2024, with net profits after tax totaling 526 million dirhams ($143 million), marking a significant increase from the 59 million dirhams ($16 million) earned in the same period in 2023. This growth of 791.52% indicates a strong start to fiscal year 2024 and a notable improvement from the previous year.
The airline saw a rise in revenues 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. This increase can be attributed to the expansion of network capacity and the higher number of passengers transported.
During the quarter, Etihad Airways carried 4.2 million passengers, representing a 41% increase from the previous year. The average passenger load factor remained steady at 86% in the first quarter of 2024. Revenues from shipping and other sources remained stable during this period as well.
The airline has been successful in improving its operational efficiency and reducing unit costs compared to the previous year. Costs of available seat kilometers and available seat kilometers without fuel decreased by 9% and 11%, respectively.
CEO Antonaldo Neves expressed satisfaction with the strong start to fiscal year 2024 and emphasized the company’s commitment to further margin expansion. Despite the challenges of the past year, Etihad Airways remains focused on efficiency and customer service.
The airline’s new headquarters at Zayed International Airport has contributed to improved customer satisfaction, with enhanced comfort and services in waiting lounges and streamlined check-in processes receiving positive feedback from travelers. This focus on enhancing the overall travel experience has been well-received by passengers.