From Dh4.75 billion to Dh5.73 billion, total revenues grew by Dh987 million.
Etihad Airways’ Q1 earnings in Abu Dhabi surges to Dh526 million as passenger numbers rise by 41%.

From Dh4.75 billion to Dh5.73 billion, total revenues grew by Dh987 million.
The national carrier of the United Arab Emirates, Etihad Airways, released its Q1 2024 results on Thursday. The company made a profit after tax of Dh526 million, a considerable increase over its Q1 2023 profit of Dh 59 million. This airline, which is owned by Abu Dhabi Development Holding Company (ADQ), credited increased network capacity and strong passenger demand for its strong profits in the first quarter, which were exceptional for airlines.

The total revenue in Q1 2024 increased to Dh 5.7 billion from Dh 4.7 billion in Q1 2023, a noteworthy increase of Dh 987 million. As the national airline of the United Arab Emirates gets ready for a potential IPO, Etihad Airways reported a “record” profit in the first quarter of 2024 despite soaring travel demand.

The Abu Dhabi-based airline said in a statement on Thursday, May 9, that it made 526 million dirhams ($143 million) after taxes in the three months that ended in March, up from 59 million dirhams the previous year. According to the airline, passenger traffic increased 41% to 4.2 million over that time.

This month, sources claimed that banks had been chosen for a possible $1 billion IPO, according to people with knowledge of the situation. Etihad, which is owned by sovereign fund ADQ, faces competition from Qatar Airways and Emirates of Dubai for transfer business.
With Etihad’s IPO, the first publicly traded major Gulf hub carrier will be established, and the announcement coincides with a rise in international travel after the epidemic. The airline, which increased its network to meet the rising demand for travel, recorded a five-fold increase in yearly earnings in March.

Etihad’s chief executive officer, Antonoaldo Neves, stated in the statement that the company is concentrated on increasing its profitability and efficiency. In comparison to 2023, the carrier will have 34% more flights this summer due to the addition of new routes and increased frequencies.

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