Etihad Airways first-quarter earnings ‘matched the whole of 2023’

Etihad Airways’ earned as much in the first three months of 2024 than the whole of last year on the back of a strong surge in passenger revenue.

The improved performance came as passenger carryings rose by 41% year-on-year to 4.2 million in the first quarter.

The net quarterly profit of $143 million compared with $16 million in the same period last year as revenue increased from $1.3 billion to $1.6 billion.

The rise in total revenue reflected an increase in network capacity and passenger numbers, according to the Abu Dhabi-based carrier.

The average passenger load factor stood at 86%, unchanged compared to the first quarter of last year despite capacity rising by more than a third.

The airline drove a 43% increase in inbound point-to-point traffic compared to the first quarter of 2023 as it supported inbound tourism to the Gulf state.

The additional capacity will see a 34% increase in Etihad’s total weekly flights for the upcoming peak summer period, growing from 642 last year to 858 in 2024.

The airline operated from a new terminal at Zayed International airport in the period, resulting in “significant improvements” in customer satisfaction, driven by enhanced efficiencies.

Streamlined check-in processes and smoother transfers contributed positively to customer feedback, while upgraded lounges have improved the overall travel experience, according to the carrier.

Chief executive Antonoaldo Neves said: “We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey.

“We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency.

“This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business.”

Looking forward, he added: “Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi.”