Etihad Airways saw first half net profits rise by almost 50% amid a continued focus on growth coupled with “optimising operational efficiencies”.
The Gulf carrier reported an after tax profit of £183 million as year-on-year revenue rose by 21% to £2.5 billion as the total number of destinations served increased from 70 to 81.
Passenger carryings grew by 38% over the same period last year to 8.7 million – about three-times higher than Iata’s reported average growth rate of 13% for Middle East carriers in the same period.
The increase reflected strong demand fuelled by strategic network expansion, increased flight frequencies and improved connectivity via its Abu Dhabi hub, with increased customer satisfaction since consolidating operations in a new terminal.
The average passenger load factor of 85% was unchanged compared to the first half of last year despite an increase in capacity.
Etihad continued to enhance its global network by adding new destinations and increasing capacity, as well as expanding partnerships, including a joint venture with China Eastern – the first commercial agreement of its kind between a Middle Eastern and Chinese airline.
Chief executive Antonoaldo Neves said: “We are pleased to report a strong first half of the 2024 financial year, with profit after tax 48% higher than the net result reported in the same period of 2023.
“This reflects a robust performance in both passenger and cargo revenues, demonstrating the soundness of our strategy and growth path.”
He added: “Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos (pictured).
“We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines.
“In the next 18 months we expect to add more than 20 new generation aircraft to our fleet, which offer reduced emissions and up to 20% more efficiency compared to previous models.”
Chairman Mohammed Ali Al Shorafa added: “Our dedication to customer service remains steadfast as we prepare to further expand our network and enrich our services, connecting more individuals to and through Abu Dhabi.
“Etihad’s 8.7 million passengers in the first half of the year accounted for over 63% of the total 13.7 million passengers at Zayed International airport from January to June 2024.
“This total represents an approximate 34% increase in passenger numbers through the airport compared to the first half of 2023, highlighting the key role the airline plays in boosting Abu Dhabi’s tourism and trade.
“Etihad continues to play a pivotal role in advancing Abu Dhabi’s tourism and economic development. We are committed to further enhancing our services and expanding our reach, ensuring Abu Dhabi remains a key global travel hub.”