Latest news with #MohammedAliAlShorafa
ARN News Center
21-02-2025
- Business
- ARN News Center
Etihad Airways hits record profit of AED 1.7 billion in 2024
Etihad Airways tripled its net profit to AED 1.7 billion ($476 million) last year, driven by AED 25 billion ($6.8 billion) in combined passenger and cargo revenue, the UAE carrier said on Wednesday. Profit after-tax for 2024 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 AED 1 billion, or 80 per cent year-on-year, reflecting continuous balance sheet deleveraging supported by strong cash generation. The airline carried 18.5 million passengers in 2024, a 32 per cent increase from the previous year and a 28 per cent year-on-year increase in Available Seat Kilometres (ASK), alongside an improved passenger load factor, which reached 87 per cent, compared to 86 per cent in 2023. Passenger revenue increased by AED 4.2 billion ($1.1 billion), or 25 per cent compared to 2023. 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 over 1,700 weekly flights and increased frequencies on 25 routes. 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. Etihad's team grew to over 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. The Chairman of Etihad Airways, Mohammed Ali Al Shorafa, 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.' Credit rating agency Fitch upgraded Etihad's rating to A+ in July 2024, citing its materially stronger standalone credit profile.
Dubai Eye
20-02-2025
- Business
- Dubai Eye
Etihad Airways hits record profit of AED 1.7 billion in 2024
Etihad Airways tripled its net profit to AED 1.7 billion ($476 million) last year, driven by AED 25 billion ($6.8 billion) in combined passenger and cargo revenue, the UAE carrier said on Wednesday. Profit after-tax for 2024 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 AED 1 billion, or 80 per cent year-on-year, reflecting continuous balance sheet deleveraging supported by strong cash generation. The airline carried 18.5 million passengers in 2024, a 32 per cent increase from the previous year and a 28 per cent year-on-year increase in Available Seat Kilometres (ASK), alongside an improved passenger load factor, which reached 87 per cent, compared to 86 per cent in 2023. Passenger revenue increased by AED 4.2 billion ($1.1 billion), or 25 per cent compared to 2023. 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 over 1,700 weekly flights and increased frequencies on 25 routes. 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. Etihad's team grew to over 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. The Chairman of Etihad Airways, Mohammed Ali Al Shorafa, 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.' Credit rating agency Fitch upgraded Etihad's rating to A+ in July 2024, citing its materially stronger standalone credit profile.
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.
