Etihad Airways has reported a strong financial performance for 2024, closing the year with a profit after tax of AED 1.7 billion (U.S.$ 476 million). The airline generated AED 25.3 billion (U.S.$ 6.9 billion) in total revenue, a 25% increase from the previous year. Passenger revenue accounted for AED 20.8 billion (U.S.$ 5.7 billion), while cargo revenue rose to AED 4.2 billion (U.S.$ 1.1 billion), reflecting continued growth across all operations.
Passenger numbers reached 18.5 million, a 32% increase from the previous year, demonstrating strong demand across Etihad’s expanding network. The airline’s passenger load factor improved to 87%, compared to 86% in 2023, while Available Seat Kilometers (ASK) rose by 28% year-on-year.
Contributing to its financial performance, Etihad Airways expanded its network with over 1,700 weekly flights and increased frequencies on 25 routes in the past two years. The airline launched more than 20 new destinations, including Boston, Jaipur, Bali, and Nairobi, alongside popular summer locations such as Antalya, Nice, and Santorini. More than 10 additional cities are expected to begin operations in 2025.
To support its growth, Etihad Airways added 12 new aircraft to its fleet, including six A320 NEOs and the return of its fifth A380. The airline now operates the youngest and most fuel-efficient fleet in the region, aligning with its commitment to reducing carbon emissions while improving service quality.
Investments in Customer Experience and Strategic Partnerships
Etihad Airways has made key investments to enhance customer experience. A AED 3 billion retrofit program, the largest in its history, was approved in 2024 to improve cabin comfort and inflight services. The airline also introduced a dedicated premium call center to provide faster, more personalized service. More than 200 updates were made to its website and app to improve guest interactions.
The airline’s loyalty program, Etihad Guest, surpassed 10 million members, reflecting its growing customer base.
In addition to service enhancements, Etihad strengthened its global reach through 126 interline, codeshare, and strategic agreements. A partnership with China Eastern marked a first-of-its-kind collaboration between a Middle Eastern and Chinese airline. The airline also formed a strategic partnership with SF Airlines to expand its logistics network.
Financial Strength and Industry Recognition
Etihad closed the year with an EBITDA of AED 4.7 billion (U.S.$ 1.3 billion), marking a 32% increase from the previous year. The airline achieved a threefold increase in profit after tax, driven by higher passenger revenue, a recovery in cargo operations, and an 80% reduction in net finance costs. Strong cash generation and an improved balance sheet contributed to these results.
In July 2024, Fitch upgraded Etihad’s credit rating to A+, citing its improved financial position. The airline also received multiple awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge from the World Travel Awards and Business Traveller Awards. Additionally, Etihad was named Environmental Airline of the Year by AirlineRatings.com for the third consecutive year.
The airline’s workforce grew to more than 11,000 employees, with over 2,000 new hires and more than 1,500 promotions. UAE National Talent programs continued to progress, with more than 70 Emirati cadet pilots graduating and over 3,000 applications submitted for the latest cadet program. UAE Nationals now make up 20% of Etihad’s workforce.
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said, “We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions and consistently delivering the reliable, best-in-class service that defines our operations. The unwavering commitment of our team has strengthened our airline, boosting efficiency while consistently improving our exceptional customer experience.
“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, fulfilling our vision to be the airline that everyone wants to fly.”
Antonoaldo Neves, Chief Executive Officer of Etihad Airways, added, “These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy. Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety.
“Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder’s mandate, and contributing to the long-term prosperity and success of the UAE.”
With increased revenue, expanded routes, and enhanced services, Etihad Airways continues to strengthen its financial performance position while maintaining operational efficiency. The airline remains focused on growth and customer satisfaction as it moves forward.
