Etihad Airways reports record $476M profit as passenger numbers soar

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Etihad Airways reports record $476M profit as passenger numbers soar

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Raffael Quintas Chief Financial Officer at Etihad Airways | Etihad Airways

By Sky Industry News

Feb 23, 2025

Etihad Airways has reported a record profit of $476 million for the year 2024, marking its highest-ever earnings. This financial achievement comes after the airline experienced a 32% increase in passenger numbers compared to the previous year.

The airline had previously faced a series of losses before returning to profitability in 2022. Since then, Etihad Airways has consistently posted profits, culminating in the AED1.7 billion ($476 million) profit recorded last year. In comparison, net profits for 2022 and 2023 were AED525 million ($142.9 million) and AED92 million ($25 million), respectively.

The significant profit growth was attributed to increased passenger revenues totaling AED20.8 billion ($5.7 billion), cargo revenues of AED4.2 billion ($1.1 billion), and operational efficiencies. Throughout 2024, Etihad carried 18.5 million passengers, an increase of 32% from the previous year.

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Etihad's capacity, measured in available seat kilometers (ASK), grew by 28%, while passenger load factors improved slightly to reach 87%. Total revenue rose by 25% to AED25.3 billion ($6.9 billion). The expansion was driven by robust performances in both passenger and cargo sectors.

At the end of the year, Etihad operated flights to 80 destinations with a fleet comprising 97 aircraft, including five freighters.

Mohammed Ali Al Shorafa, chairman of Etihad Airways, expressed gratitude towards employees and guests who contributed to this success: “As we expand our network and enhance our offerings, we remain focused on connecting more people with Abu Dhabi and supporting the Emirate’s tourism ambitions.”

CEO Antonoaldo Neves highlighted employee dedication as key to these results: “Their efforts have driven improvements in customer satisfaction... Equally, they have delivered sustainable, profitable growth while maintaining disciplined efficiency.”

In January alone, Etihad carried 1.7 million passengers with an average load factor of 89%, up from January's figures last year.

Neves remains optimistic about future performance: "I am confident that the airline would continue to be financially strong... contribute to the long-term prosperity of the United Arab Emirates (UAE) in 2025."