Huge Profit for Etihad Airways in First Quarter Results

Ending the first financial quarter of the year with flying colours, Etihad Airways reported a profit, after tax, of around 526 million AED (around 143 million USD). The figures show a significant increase from last year’s number of 59 million AED in the same quarter.

According to a report by Reuters, the revenue cashed in by the airways saw an increase of 21% with the total number being 5739 million AED for the January-March quarter. For the same quarter last year, the total amount stood at 4752 million AED. Along with this, the company witnessed a 41% jump in their number of customers as they served around 4.2 million passengers in the noted three months. The profits for cargo and other activities of the airlines are also reported to be stable and without a loss.

Antonoaldo Neves, CEO, Etihad Airways, celebrated the news by stating, “We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023, as we continue our margin expansion journey. We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency. This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business. Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi. I would like to extend my deepest thanks to all our employees whose hard work and dedication have been crucial in achieving these results.”

The improvements made by Etihad Airways in the quarter include increased routes as well as frequency to various destinations like Jaipur, Antalya, Boston, Kozhikode, and Thiruvananthapuram. The tally of total number of flights offered by Etihad now stands at 858, and the company plans to do more, especially to increase the football in Abu Dhabi.

Though the airline is still considering ways to improve its overall services, the profit margin comes as a positive sign, with Etihad actively considering an IPO this year. One of the two main flag carriers of the United Arab Emirates, the airways have been active since November 2003. According to their reports, the airline flies out more than a thousand flights per week to varied destinations.