Abu Dhabi’s long-haul carrier Etihad Airways reveals record profit for 2024
The long-haul carrier attributed its higher profit to increased passenger numbers, a recovery in its cargo operations, and cutting its costs.
Long-haul carrier Etihad Airways has announced that it made a record 476 million US dollars (£377.6 million) profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.
While still a slender profit compared with rival Emirates’ record profits of 4.7 billion dollars (£3.7 billion) in 2023, it continues to a major turnaround for Etihad.
The airline had revenues of nearly 6.9 billion dollars (£5.5 billion) in 2024, compared with 5.5 billion dollars (£4.4 billion) in 2023. Its profit in 2023 was just 143 million dollars (£113.4 million).
It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were 1.1 billion dollars (£872.5 million), up 24%.
Chief executive Antonoaldo Neves said in a statement: “These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy.
“Looking ahead, I am confident we will continue to be a financially strong airline, delivering extraordinary customer experiences, fulfilling our shareholders’ mandate and contributing to the long-term prosperity and success of the UAE.”
Abu Dhabi’s rulers launched Etihad in 2003, rivalling the established Dubai government-owned carrier Emirates, which boasts a larger fleet and a far-flung network.
Etihad struggled with its business plan and underwent cost-cutting measures even before the Covid pandemic.
Since 2016, Etihad has lost some 6 billion dollars (£4.8 billion) as it has aggressively bought up stakes in airlines from Europe to Asia to compete against Emirates and Qatar Airways.
Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.
