Latest news with #Dhs4.2bn
Gulf Business
20-02-2025
- Business
- Gulf Business
Etihad Airways reports Dhs1.7bn in net profit in 2024
Image: Etihad Airways Etihad Airways reported a solid financial performance for 2024, posting a profit after tax of Dhs1.7bn ($476m) driven by substantial increases in passenger and cargo revenues. The airline's total revenue surged 25 per cent year-on-year to Dhs25.3bn ($6.9bn), propelled by a 32 per cent rise in passenger numbers and a 24 per cent increase in cargo revenue. The airline carried 18.5 million passengers in 2024, up from 14 million in 2023, reflecting sustained demand across its expanding network. The passenger business alone generated Dhs20.8bn ($5.7bn), while cargo contributed Dhs4.2bn ($1.1bn). Etihad's performance also benefitted from a 28 per cent year-on-year increase in available seat kilometres (ASK) and an improved passenger load factor of 87 per cent, up from 86 per cent in 2023. Etihad routes The airline's operational efficiency showed notable improvements, with increased flight frequencies on 25 routes and more than 20 new destinations added in 2024, including Boston, Jaipur, Bali, and Nairobi. Over the next year, Etihad will launch additional destinations, including summer hotspots such as Antalya, Nice, and Santorini. The carrier's fleet continued to grow with 12 new aircraft, including six A320 NEOs and the re-entry of its fifth A380. Etihad also continued its commitment to sustainability, boasting one of the region's youngest and most fuel-efficient fleets. The carrier has furthered its environmental, social, and governance (ESG) goals through these fleet improvements. In a move to enhance customer service, Etihad introduced a dedicated premium call centre and upgraded its website and mobile app with over 200 enhancements. The airline also approved a significant Dhs3bn retrofit programme, its largest ever, aimed at improving cabin comfort and inflight experience. Etihad's loyalty programme, Etihad Guest, also reached a milestone of 10 million members. Industry awards recognised Etihad's service excellence, including 'Best Cabin Crew' and 'Best Customer Experience'. also named Etihad Environmental Airline of the Year for the third consecutive year. New hires and employee force Etihad's workforce grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions. The Chairman Mohammed Ali Al Shorafa praised the airline's success, stating, 'Our commitment to offering best-in-class service has strengthened our operations, boosted efficiency, and helped deliver remarkable results. As we expand our network and enhance our offerings, we continue to support Abu Dhabi's tourism ambitions and position ourselves as the airline everyone wants to fly.' The The airline's financial performance was further bolstered by a decrease in operating costs, with both CASK (cost per available seat kilometre) and CASK ex-fuel down by 3 per cent and 4 per cent, respectively. Etihad's EBITDA grew 32 per cent to Dhs4.7bn ($1.3bn), reflecting the success of its cost-efficiency measures.
Gulf Business
06-02-2025
- Business
- Gulf Business
FAB reports Dhs17.1bn in net profit for 2024
Image: Supplied First Abu Dhabi Bank (FAB), the UAE's largest lender, reported a 4 per cent year-on-year increase in net profit for 2024 to Dhs17.1bn ($4.66bn), supported by strong revenue growth and robust business volumes. The bank's revenue surged 15 per cent to Dhs31.6bn, driven by diversified income streams and operating efficiencies. FAB's profit before tax rose 13 per cent year-on-year to Dhs19.9bn, reflecting heightened client activity and expansion across key financial markets. In Q4, net profit climbed 4 per cent to Dhs4.2bn, while revenue increased 11 per cent to Dhs7.7bn. The bank's Board of Directors has recommended a cash dividend of 75 fils per share for the full year, amounting to a total payout of Dhs8.3bn. The proposal, which represents 51 per cent of the net profit available for distribution, is subject to shareholder approval at FAB's Annual General Meeting on March 11, 2025. FAB: Expansion and strategic growth FAB's asset base expanded in 2024, with total assets rising 4 per cent year-on-year to Dhs1.21tn. Loans, advances, and Islamic financing grew 9 per cent to Dhs529bn, while customer deposits increased 3 per cent to Dhs782bn. The bank's international operations, which now span 20 key financial markets, saw revenue grow 32 per cent year-on-year, reinforcing FAB's global footprint. 'FAB's performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our group strategy as the UAE's global bank,' said Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB. Hana Al Rostamani, FAB's Group CEO, highlighted the bank's strategic achievements: 'Our strategy produced robust results in the UAE, our thriving home market, while powering the expansion of our international franchise. We diversified growth across customer segments and sources of income, growing international revenue by 32 per cent.' FAB's return on tangible equity (RoTE) for 2024 stood at 16.8 per cent, aligning with its medium-term target of above 16 per cent. Operational highlights and ESG initiatives FAB continued its expansion in wholesale banking, with investment banking revenue growing 19 per cent year-on-year, while global markets revenue increased by 18 per cent. Corporate and commercial banking also posted strong gains, aided by digital innovations such as the Commercial Banking Service Accelerator. Retail banking saw a 20 per cent increase in new customers, with lending and deposits rising 15 per cent and 17 per cent, respectively. Private banking assets under management surged 75 per cent year-on-year, while revenue in consumer and private banking rose 18 per cent and 15 per cent, respectively. On the environmental, social, and governance (ESG) front, FAB facilitated Dhs267bn in sustainable and transition financing, surpassing half of its 2030 target of Dhs500bn. The bank also became the first in the region to publish a Taskforce on Nature-related Financial Disclosures (TNFD) report, aligning its financial practices with environmental resilience. 'We will continue to invest in technology and innovation to enhance our services, drive efficiencies, and grow our competitive edge, ensuring strong, sustainable shareholder returns,' Al Rostamani added. Financial outlook Lars Kramer, FAB's capital and liquidity positions remained strong, with a common equity tier 1 (CET1) ratio of 13.7 per cent and a liquidity coverage ratio (LCR) of 142 per cent. Looking ahead, FAB aims to capitalise on regional and international opportunities while supporting the UAE's economic ambitions. 'As the UAE's global bank, we remain committed to fostering sustainable growth and connecting local, regional, and international economies within a world-class financial ecosystem,' Sheikh Tahnoon said. Read:
