Etihad Airways today revealed the first-quarter results of the year, marking a strong start to 2024.
The airline reported a net profit after tax of 526 million dirhams (143 million USD), representing a significant improvement over the first quarter of 2023.
Revenues rose to 987 million dirhams (269 million USD) from 4,752 million dirhams (1,294 million USD) in the first quarter of 2023 to 5,739 million dirhams (1,563 million USD) in the first quarter of 2024, reflecting an increase in network capacity and passenger numbers.
Etihad Airways transported 4.2 million passengers during the quarter, an increase of 41 percent from the previous year. The average passenger load factor was 86 percent in the first quarter of 2024, remaining stable compared to the first quarter of the previous year. Cargo revenues and other sources remained largely stable during the same period.
CEO of Etihad Airways, Antonaldo Neves, stated, “We are pleased to announce a strong start to the financial year 2024, with our first-quarter profits matching the full-year net profit of 2023. We will continue our journey towards expanding margins. At the same time, we have maintained flexibility in our operations, focusing on customer service and growth, while improving our efficiency.”
Neves added, “Our plans are geared towards expanding our network and enhancing our offerings while continuing to connect more passengers to and through Abu Dhabi. I would like to extend my heartfelt thanks to all our employees whose dedicated efforts have been a key driver in achieving these results. Despite the beginning of the holy month of Ramadan this year in early March, compared to late March last year, we managed to significantly increase profits, demonstrating our business’s adaptability.”