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‘Airline Company Records Highest Profit in First Quarter of 2024’

by Dubaiforum

Etihad Airways (EY) has kicked off 2024 on a high note, with an impressive financial performance that has set new records. The airline reported a remarkable profit after tax of AED 526 million (US$ 143 million) for the first quarter, a substantial increase from the AED 59 million (US$ 16 million) achieved in the same period last year.

This exceptional achievement can be attributed to a surge in passenger demand, strategic network expansion, and a focus on operational efficiency. In Q1 2024, Etihad saw a robust 41% year-on-year increase in passenger traffic, carrying 4.2 million passengers and generating AED 4.777 billion (US$ 1.3 billion) in passenger revenue.

One of the key factors driving this success is Etihad’s strategic network expansion. The airline introduced new flights to important destinations such as Thiruvananthapuram, Kozhikode, and Boston, with upcoming routes to Antalya and Jaipur further enhancing its global network. This expansion has led to a significant 34% increase in total weekly flights for the upcoming summer peak season, ensuring Etihad is well-equipped to meet the rising travel demand.

Furthermore, Etihad’s focus on operational efficiency has resulted in substantial cost savings. The airline managed to reduce its Cost per Available Seat Kilometre (CASK) by 9% and CASK excluding fuel by 11% compared to last year. These reductions, combined with a 35% increase in Available Seat Kilometres (ASKs), showcase Etihad’s commitment to optimizing its operations.

Despite prioritizing profitability, Etihad has not compromised on delivering exceptional customer experiences. The airline’s transition to a new terminal at Abu Dhabi International Airport has led to improved passenger satisfaction, with enhanced lounge facilities, streamlined check-in processes, and smoother transfers contributing to a more positive travel experience.

With a strong performance in Q1 2024 and a growing fleet of 89 aircraft, including three new Boeing 787 Dreamliners added in February, Etihad Airways is well-positioned for continued success in 2024. The airline’s focus on passenger growth, revenue increase, operational efficiency, and customer satisfaction bodes well for its future prospects.

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