Etihad Airways Achieves Record $476M Profit in 2024

Etihad Airways soared to new financial heights in 2024, posting a record after-tax profit of AED 1.75 billion ($476 million), more than triple its 2023 performance. This impressive growth was driven by robust passenger and cargo revenues, highlighting the Abu Dhabi-based airline’s strategic expansion and operational efficiency.

Strong Revenue and Passenger Growth

The airline's total revenue climbed by 25% to AED 25.3 billion ($6.9 billion), propelled by a similar 25% surge in passenger revenue. Etihad Airways welcomed 18.5 million passengers last year, a 32% increase, as it added over 20 new destinations, including Boston, Jaipur, Bali, and Nairobi. With more than 10 of these routes set to launch this year, the momentum is set to continue.

Passenger load factor reached an impressive 87%, while available seat kilometres (ASK) grew by 28% year-on-year. The cargo segment also thrived, with revenue rising by 24% to AED 4.16 billion, thanks to boosted capacity and volume.

Operational Excellence and Fleet Expansion

Etihad's operational strategy focused on an optimized fleet and expanded network, boosting profitability and efficiency. The airline's earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 32% to AED 4.7 billion.

The carrier added 12 aircraft to its fleet in 2024, bringing its total to 97, including six new Airbus A320 NEOs and the return of its fifth A380. As part of its ambitious growth strategy, Etihad aims to triple passenger numbers to 33 million by 2030 while maintaining the youngest and most fuel-efficient fleet in the region.

Future Plans and Sustainability Initiatives

Looking ahead, Etihad plans to double its fleet size by the end of the decade, adding eight to 10 new destinations annually. However, the airline is well-prepared for the future, with no additional aircraft needed until 2030.

To enhance passenger experience and sustainability, Etihad is set to invest nearly $1 billion in retrofitting its older Boeing 777 and 787 Dreamliner aircraft, starting in 2026. This retrofit programme is part of a broader $7 billion investment plan for new aircraft and capital expenditures by 2030.

Boosting Abu Dhabi’s Aviation Hub

Etihad's growth also benefited Zayed International Airport, which handled 28.8 million passengers in 2024, up from 22.4 million the previous year. The airline hired over 2,000 new employees, expanding its workforce to more than 11,000.

A Promising Outlook

With global air travel demand expected to grow by 8% this year, Etihad is well-positioned to capitalize on market opportunities. "Looking ahead, I am confident we will continue to be a financially strong airline," said Antonoaldo Neves, CEO of Etihad Airways.

As the airline expands its network, enhances its fleet, and focuses on sustainability, 2025 looks set to be another landmark year for Etihad Airways.