Etihad Airways has reported a first quarter profit after tax of 685 million United Arab Emirates (UAE) dirhams ($186.5 million), up 30% compared to a year prior.
“We're executing a clear strategy: grow sustainably, operate efficiently, and never lose focus on delivering remarkable experiences to our guests,” said Etihad Airways CEO Antonoaldo Neves. “From continued refinements to our onboard offering to improved airport services and the debut of our A321LR with a market-leading narrowbody product, we're raising the bar in every part of the journey.”
Additionally, the company's EBITDA rose 32% to 1.4bn dirhams ($381.2 million) during the first quarter.
Revenues grew 15% to 6.6bn dirhams ($1.8bn), including passenger revenues up 16% to 5.5bn dirhams ($1.5bn) and cargo revenue up 8% to 958 million dirhams ($260.8 million), despite a 4% drop in volumes during the quarter — offset by higher yields.
Neves added: “Our network continues to expand with 16 new routes announced for 2025 and additional aircraft joining our fleet. As we grow, we remain disciplined and focused on quality, efficiency, and creating value for our customers and stakeholders.”
During the quarter, Etihad's capacity was up 14% compared to the previous year, with load factor averaging 87%, up one percentage point. This was supported with its fleet increasing to 98 operating aircraft, including the reintroduction of its sixth A380 in the quarter. The company also introduced an A350-1000 in April as it continues its fleet expansion. Passenger numbers totalled 5 million, up from 4.3 million a year prior.
As of the end of the period, the company's net leverage was 1.1x, down from 1.9x at the end of March last year. This was supported by debt repayments and strong cash generation. Cash flow from operations reached 1.8bn dirhams ($490.1 million).