• Third consecutive year of profitability, with FY24 profit after tax more than three times that of FY23
• Passenger numbers increased by 32 per cent year-on-year, rising from 14.0 million to 18.5 million
• Passenger load factor reached 87 per cent, despite a 28 per cent year-on-year increase in Available Seat Kilometres (ASK)
• Total revenue increased by AED 5.0 billion (U.S.$ 1.4 billion) to AED 25.3 billion (U.S.$ 6.9 billion)
• Strong cash generation with cash flow from operations at AED 5.8 billion (U.S.$ 1.6 billion) supporting growth and further deleveraging
• Net leverage further reduced from 2.5x in FY23 to 1.4x in FY24
• Launched more than 20 new destinations and added 12 aircraft including the return to service of the fifth A380 and introduction of six A320 NEOs
• AnchorInvested in customer experience enhancements, driving NPS growth and reflecting operational and customer satisfaction improvements
• Recognised for excellence with multiple industry awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge.
• Increased operational efficiency, with Cost per Available Seat Kilometre excl. fuel decreased by 4 per cent year-on-year
• Hired more than 2,000 new employees and promoted more than 1,500, primarily pilots and cabin crew
   

Abu Dhabi, UAE – Etihad Airways today announced its results for the full year 2024, recording strong performance across all key metrics with a AED 1.7 billion (U.S.$ 476 million) profit after tax driven by AED 20.8 billion (U.S.$ 5.7 billion) passenger revenue and AED 4.2 billion (U.S.$ 1.1 billion) Cargo revenue, alongside significant operational efficiency improvements.

The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network. This growth was supported by a 28 per cent year-on-year increase in Available Seat Kilometres (ASK) and an improved passenger load factor, which reached 87 per cent in FY24, compared to 86 per cent in 2023.

Total revenue saw a remarkable year-on-year increase of 25 per cent to AED 25.3 billion (U.S.$ 6.9 billion). This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by AED 4.2 billion (U.S.$ 1.1 billion), or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year.

In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025. The airline’s operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings.

The airline invested in customer experience enhancements, driving a significant NPS increase, reflecting higher operational and service satisfaction. In 2024, the airline approved a AED 3 billion retrofit program—its largest-ever—which, once underway, is expected to further elevate cabin comfort, inflight experience, and NPS. Etihad also introduced a dedicated premium call centre, delivering faster and more personalised service for premium travellers, leveraging AI to boost productivity. Over 200 enhancements were made to the website and app to further improve the guest experience. Additionally, the airline’s loyalty programme, Etihad Guest, reached a milestone of 10 million members.

AnchorRecognising these achievements, Etihad received multiple industry awards from bodies such as World Travel Awards and Business Traveller Awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge. It was also named Environmental Airline of the Year by AirlineRatings.com in 2024 for the third consecutive year.

Etihad’s team grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions. UAE National Talent initiatives progressed, with over 70 Emirati cadet pilots graduating and more than 3,000 applications received for the latest cadet programme. UAE Nationals now represent 20 per cent of the workforce, underscoring Etihad’s support for the UAE talent strategy and its role in developing future aviation professionals.

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, said: “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.”

Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach.

Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity.

Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching AED 4.7 billion (U.S.$ 1.3 billion), a 32 per cent year-on-year increase.

Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad’s cargo operations, and a significant reduction in net finance costs – down by almost AED 1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation.

Recognising Etihad’s strong improvement, credit rating agency Fitch upgraded Etihad’s rating to A+ in July 2024, citing its materially stronger standalone credit profile.

Key 2024 highlights at a glance:

• Total revenue saw a significant increase, reaching AED 25.3 billion (U.S.$ 6.9 billion), a 25 per cent uplift from the previous year.
• Passenger revenue grew by almost AED 4.2 billion (U.S.$ 1.1 billion), reflecting an enhanced network, increased capacity and volumes.
• Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity (increase of 12 per cent year-on-year in cargo leg tonnes carried), alongside improved yields in the second half of the year.
• Achieved a significant NPS increase driven by service improvements and recognised with multiple awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Environmental Airline of the Year for the third consecutive year.
• The strong results in revenue and operating efficiency led to a remarkable improvement in operating performance, with EBITDA increasing by 32 per cent year-on-year, reaching AED 4.7 billion (U.S.$ 1.3 billion).
• Remarkable operating performance confirmed by strong cash generation throughout the year, with cash flow from operations at AED 5.8 billion (U.S.$ 1.6 billion), almost doubling that of FY23
• Net finance costs significantly decreased by almost AED 1 billion, or 80 per cent year-on-year, driven by continuous balance sheet deleveraging (net leverage from 2.5x in FY23 to 1.4x in FY24).
• Improved efficiency led to both Cost per Available Seat Kilometre (CASK) and CASK excl. fuel decreasing by 3 per cent and 4 per cent year-on-year, respectively.
• Profit after tax for FY24 is more than three-times the net income reported in FY23.

Capacity expansion with ASK increasing by 28 per cent, mainly due to 12 additional aircraft and higher aircraft utilisation. The 97-aircraft operating fleet as of December 2024 includes six new A320 NEOs, a new fleet type introduced in May 2024.
Passenger numbers surge with remarkable growth of 32 per cent year on year, reaching 18.5 million passengers.
Passenger load factor stood at 87 per cent, up from 86 per cent in 2023.
Etihad’s network expanded to 80 destinations operated in December 2024, showcasing its commitent to increasing accessibility and connectivity for its Abu Dhabi hub and customers, while also exploring new markets and opportunities for growth.