
DUBAI, United Arab Emirates — On Wednesday, Etihad Airways reported a remarkable profit of $476 million for the year 2024, marking a significant financial recovery for the airline based in Abu Dhabi.
Despite this achievement being modest in comparison to Emirates’ impressive profit of $4.7 billion in 2023, it signifies a substantial turnaround for Etihad.
The airline generated nearly $6.9 billion in revenues for 2024, an increase from $5.5 billion in the previous year, where it managed to only secure a profit of $143 million.
The rise in profitability has been attributed to an increase in passenger traffic, a rebound in cargo operations, and effective cost-reduction strategies.
Etihad successfully transported 18.5 million passengers in 2024, which reflects a 32% growth.
Additionally, revenue from cargo operations reached $1.1 billion, showing a robust increase of 24% compared to the previous year.
In a statement, CEO Antonoaldo Neves expressed pride in the results, highlighting the commitment and collaboration of the workforce to achieve their strategic goals.
He stated, “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders’ mandate and contributing to the long-term prosperity and success of the UAE.”
Established in 2003, Etihad was launched by the rulers of Abu Dhabi as a competitor to the long-standing Dubai-based Emirates, which boasts a larger fleet and a more extensive network.
Emirates operates from Dubai International Airport, located approximately 115 kilometers (70 miles) from Abu Dhabi, and both airlines vie for dominance in the long-haul travel market, leveraging their strategic geographical locations as key transit points between the East and West.
Facing challenges with its business strategy, Etihad began to implement cost-cutting measures even prior to the COVID-19 pandemic.
Since 2016, the airline has incurred losses totaling around $6 billion due to its aggressive acquisition of stakes in various international airlines, aiming to compete against both Emirates and Qatar Airways.
Currently, Etihad’s route network covers 80 destinations with a fleet consisting of 97 aircraft, reflecting its commitment to regaining market strength and enhancing its service offerings.