Etihad Airways has recorded a net profit of $476 million for 2024, representing a more than threefold increase from $143 million in net profit recorded during 2023.
The Abu-Dhabi-based airline saw its total revenue increase by 25% to $6.9bn, made up from $5.7bn in passenger revenue and $1.1bn from cargo revenue. Cargo revenue rose by 24% compared to 2023, fuelled by increased capacity and volume, alongside improved yields in the second half of the year.
The airline’s EBITDA increased by 32% during the year, reaching $1.3 bn. Cash flow from operations stood at $1.6bn, almost doubling that of the year prior.
“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,” commented Antonoaldo Neves, chief executive officer of Etihad Airways.
The company is reportedly set for an initial public offering (IPO) this quarter, according to Reuters, citing sources familiar with the matter.
Operationally, the airline carried 18.5 million passengers across 2024, an increase of 32% on the previous year. This growth was supported by a 28% increase in capacity and an improved passenger load factor, which averaged at 87% during the year, compared to 86% in 2023.
This operational increase was also supported by the airline’s introduction of more than 20 new destinations and 12 new aircraft, including the return to service of the fifth A380 and introduction of six A320neos.