Latest news with #AED1.7bn
Arabian Business
19-02-2025
- Business
- Arabian Business
Etihad reports record $476m profit as flights, passenger numbers and revenue soars
Etihad Airways has announced its results for the full year 2024, recording strong performance across all key metrics with a record AED1.7bn ($476m) profit after tax driven by AED20.8bn ($5.7bn) passenger revenue and AED4.2bn ($1.1bn) Cargo revenue, alongside significant operational efficiency improvements. The airline carried 18.5m 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. Etihad Airways profits Total revenue saw a remarkable year-on-year increase of 25 per cent to AED25.3bn ($6.9bn). This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by AED4.2bn ($1.1bn), 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 more than 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 AED3bn ($816m) 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. More than 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 10m members. Recognising 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 in 2024 for the third consecutive year. Etihad's team grew to more than 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. 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, CEO 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 4.7bn ($ 1.3bn), 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 AED1bn ($272m), 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.
Arabian Business
11-02-2025
- Business
- Arabian Business
PureHealth sees profits soar on $7bn revenue as hospital business up 87%
PureHealth has recorded strong revenue and profit growth in year of major expansion PureHealth Holding recorded a strong revenue increase of 58 per cent year-on-year to AED25.8bn ($7bn), last year according to official figures. The sharp increase was driven by robust growth across its core segments, including Hospitals, Insurance and Procurement; and was further strengthened by the successful integration of strategic acquisitions. The Group's strong performance reflected positively on profitability, with EBITDA growing 69 per cent year-on-year to AED4.1bn ($1.1bn) and net profit increasing by 78 per cent year-on-year to AED1.7bn ($463m) in 2024. PureHealth results Hamad Al Hammadi, Chairman of PureHealth, said: 'PureHealth's exceptional performance in 2024 is a testament to our strategic vision, commitment to innovation, and the trust our partners and stakeholders place in our healthcare ecosystem. 'This year, we significantly expanded our global presence with key acquisitions, strengthened our operational capabilities, and advanced our mission to redefine healthcare excellence. 'As we move forward, we remain focused on our global expansion and value creation for our shareholders.' Shaista Asif, Group Chief Executive Officer at PureHealth, said: '2024 has been a transformative year for PureHealth, marked by strategic expansion, operational excellence, and innovation – where we pushed boundaries and redefined healthcare possibilities. 'With the acquisition of Circle Health Group in the UK, we extended our world-class care beyond borders, while the integration of Sheikh Shakhbout Medical City (SSMC) reinforced our expertise in complex, life-saving treatments. 'Every decision we make is about impact on patients, communities, and the future of medicine. As we enter 2025, we remain focused on expanding specialised services, leveraging AI to enhance operational efficiency and advance predictive and personalised care, while accelerating international growth. 'With a disciplined investment approach, we are committed to transforming the assets we manage, ensuring they create lasting value and impact for all stakeholders, while delivering healthcare excellence globally.' PureHealth's solid performance was driven primarily by the Group's hospitals segment, which saw an 87 per cent year-on-year increase in revenue to AED19.7bn ($5.4bn) on the back of strong patient volume growth and the expansion of the Group's medical services across its network in 2024. A combination of initiatives, along with the Group's strategic acquisitions, have resulted in an expansion of PureHealth's global footprint as well as enhanced operational capabilities, and drove a patient interaction increase across the Group's UAE and UK assets of 66 per cent to 9.9 million in 2024. Additionally, bed capacity increased to approximately 4,900 beds, nearly doubling year-on-year, meanwhile, outpatient, inpatient, and emergency volumes grew by 72 per cent, 24 per cent and 31 per cent, respectively, in 2024, across its UAE and UK assets. On the organic growth front, PureHealth significantly expanded its clinical capabilities and improved patient access in 2024 by implementing strategic initiatives covering service line expansion, infrastructure development, specialist diversification, and extended accessibility. Other segments of the business experienced strong growth in 2024. The Insurance Segment saw a 17 per cent year-on-year revenue increase to almost AED6.9bn ($1.9bn), driven by a 6 per cent rise in active members to more than 3 million and a 24 per cent surge in gross written premiums. The Procurement Segment recorded a 27 per cent increase in revenue, reaching AED5.2bn ($1.4bn), fuelled by an expanding client base, strategic growth in diagnostics and medical devices, and an expansion of the pharmaceutical and diabetes divisions. The Diagnostic Services Segment reported a revenue increase of around 1 per cent reaching AED1.1bn ($299m), with the uptick driven by an increase in patient footfall, the expansion of laboratory services, and a stronger adoption of preventative health screenings. Meanwhile, the newly established Technology Segment, dedicated to driving digital transformation and enhancing AI and IT capabilities across the Group, contributed AED469m ($128m) in its first year. PureHealth's strategy focuses on building a scalable equity platform that delivers complex healthcare services captures a greater share of the market, and achieves robust profitability. At the same time, the Group is evolving into a future-ready organisation by harnessing digital technologies that will shape the next generation of healthcare. To accelerate its global footprint, PureHealth is actively pursuing additional acquisitions, following its recent investments in key international markets. The Group is also intensifying its commitment to technology and AI-driven solutions—ranging from predictive analytics for early disease detection to AI-powered personalised treatment plans, operational efficiencies and digital patient engagement tools.
Arabian Business
07-02-2025
- Business
- Arabian Business
Dubai real estate: Off-plan sales dominate $12.1bn property market in January despite slight dip
The Dubai real estate sector saw 14,238 transactions with a value of AED 44.4bn in January, according to a Property Finder report. This represents a 23 per cent increase in volume and a 24 per cent increase in value compared to January 2024. Despite a minor dip in the value of off-plan real estate sales value,t it is the highest ever sales and value for Dubai real estate in a January and signals another impressive year ahead for real estate in the emirate. Dubai real estate 2025 Apartments made up 59 per cent of sales, with villas registering 41 per cent of the total. According to the Property Finder research, 31 per cent of people who seek to own or invest in properties were searching for one-bedroom units, with 37 per cent showing an inclination for two-bedroom apartments and 15 per cent for studios. Seekers for villas/townhouses included 37 per cent searching for three-bedroom units and 50 per cent for four-bedroom or larger options. Popular areas for apartment ownership were: Dubai Marina Jumeirah Village Circle Downtown Dubai Business Bay Palm Jumeirah Popular areas for villa/townhouse ownership were: Dubai Hills Estate Palm Jumeirah Dubai Land Al Furjan Damac Hills 2 Property Finder also tracked the performance of off-plan versus ready properties. Off-plan saw slightly more sales transactions, with 52 per cent of sales transactions. However, when transaction value was measured, ready properties dominated, with 66 per cent of the total. In January 2025, the existing market recorded approximately 6,918 transactions, up from 5,185 transactions in January 2024, reflecting a 32 per cent increase in volume and a 41 per cent increase in value. In terms of value, Palm Jebel Ali recorded AED2.1bn ($572m) across 95 deals, while Al Yelayiss 1 saw a remarkable jump, reaching AED1.7bn ($463m), up from AED102m ($28m). The off-plan market experienced a slight decline of 1.3 per cent in transaction value, recording AED15.1bn ($4.1bn), compared to AED15.3bn ($4.2bn) in January 2024. This minor dip marks the first decline in off-plan transaction value in three years. However, the number of off-plan transactions continued to rise, increasing by around 15 per cent, accounting for 52 per cent of total transactions in January 2025. Cherif Sleiman, Chief Revenue Officer at Property Finder, said, 'As we come out of a dynamic year, January 2025 marked a series of significant milestones in the UAE's real estate sector, combined with a resilient momentum. 'Recent initiatives, such as Dubai Land Department's expansion of freehold ownership, are reshaping the landscape by unlocking new opportunities for investors and homeowners. 'At the same time, the Central Bank of the UAE's focus on responsible lending will foster a more stable financial environment, reinforcing long-term market growth. 'These developments, aligned with the Dubai Real Estate Sector Strategy 2033, signal a transformative phase for the industry – one we will continue to track as we provide home-seekers with accurate insights that drive informed decision-making.' Property Finder also identified trends in the rental market in Dubai. It found that roughly 59 per cent of tenants looking for apartments preferred furnished properties, while 39 per cent turned to unfurnished options. Tenants who sought villas/townhouses showed a difference in preference, with around 48 per cent searching for unfurnished units and 52 per cent going for furnished properties. When searching for apartments, 33.4 per cent of tenants were looking for one-bedroom units, while 33 per cent expressed a preference for two-bedroom apartments and 21 per cent for studios. 42 per cent of tenants looked for three-bedroom villas and 35 per cent searched for four-bedroom or larger options. Top areas searched to rent apartments included: Jumeirah Village Circle Dubai Marina Downtown Dubai Business Bay Deira Top areas searched to rent villas/townhouses included: Jumeirah Dubai Hills Estate Damac Hills 2 Al Barsha Al Furjan
