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Etihad Airways reports significant profit increase amid network expansion

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Etihad Airways reports significant profit increase amid network expansion
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Etihad Airways has reported a significant rise in profits, attributed to its network expansion strategy and growth in its cargo division. The airline announced a 66% increase in profit, reaching AED1.4 billion ($368 million) during the first nine months of 2024. Revenues grew by 21% to AED18.4 billion ($5.0 billion) compared to the same period last year.

Antonoaldo Neves, CEO of Etihad Airways, expressed satisfaction with the performance: “This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory, where we are also seeing ongoing improvements in customer satisfaction.”

The airline expanded its fleet by adding 16 aircraft, including six new Airbus A321neo planes. As of September 30, Etihad operated 95 aircraft, including five Boeing 777F freighters. Passenger numbers for the rolling 12-month period reached nearly 18 million, with 13.6 million passengers carried by September's end.

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Neves highlighted network expansion: “We’ve also extended our network to 83 destinations as of September, up from 72 a year ago, with further growth expected by year-end.”

Operational efficiency improvements resulted in an 8% reduction in cost per available seat kilometer excluding fuel (ex-CASK). The company noted enhancements at Abu Dhabi Zayed International Airport's Terminal A and more convenient flight options as part of efforts to improve passenger experience.

Etihad also reintroduced another Airbus A380 into service on October 4 between Zayed International and London Heathrow Airport (LHR). According to Cirium data, Etihad scheduled 29 weekly flights with this aircraft type for November.

Arik De, Chief Revenue Officer of Etihad Airways, announced plans to reintegrate two more A380s into their fleet and hinted at a new destination for these aircraft that has not been previously served.

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