Etihad Airways has just released its financial performance for the nine months ending on September 30, 2024, and the results are nothing short of impressive. The Abu Dhabi-based carrier reported a remarkable profit after tax of AED 1.4 billion ($368 million), a substantial 66% surge from the AED 814 million ($222 million) recorded during the same period in 2023.

Pilotcenter.net News reports that during this time frame, Etihad's total revenue also saw a significant boost, increasing by 21% to AED 18.4 billion ($5 billion) from AED 15.1 billion ($4.1 billion) in 2023. This surge in revenue was attributed to a successful 2024 summer season, with the airline citing the effective execution of their network expansion strategy and substantial growth in the cargo business, particularly in the third quarter of 2024.

Passenger revenues for the period soared by 21% to AED 15.2 billion ($4.1 billion), fueled by network expansion and increased flight frequencies. With nearly 14 million passengers flown in the first nine months of 2024, marking a 35% year-on-year increase, Etihad saw its Available Seat Kilometers (ASKs) rise to 68.2 billion, a remarkable 31% increase compared to the previous year.

Quoting from the airline, "The strong results reflect the airline’s ongoing strategy of driving growth across the business alongside optimizing operational efficiencies and improving customer service." On the cargo front, Etihad recorded a 21% increase in revenues, reaching AED 3.0 billion ($808 million) compared to the same period in 2023.

Furthermore, operational efficiencies improved throughout 2024, with a reduction of 8% in Cost per Available Seat Kilometer (CASK) excluding fuel compared to 2023. This underlines Etihad’s commitment to efficiency and quality despite increased operating costs due to growth and investments in enhancing products and customer experience.

CEO Antonoaldo Neves expressed his satisfaction with the results, emphasizing the growth in both passenger and cargo revenues as a testament to their strategy's success and customer satisfaction. The airline has expanded its fleet to 95 aircraft, with plans for further growth and network expansion by year-end.

Neves highlighted, "We are proud to report that, alongside our growth, we continue to invest in and develop our people. This year, we successfully relaunched our cadet program and promoted over 1,000 pilots and crew members, empowering them with the skills and experience needed to continue delivering excellence in service to our customers."

Etihad's commitment to enhancing the travel experience for its customers and its continual growth trajectory are evident in these outstanding financial results. The airline's focus on operational efficiency, customer service, and strategic expansion has not only yielded impressive profitability but also reflected in their continued positive trend in passenger satisfaction ratings.

With a fleet of 96 aircraft boasting a mix of Boeing and Airbus types, Etihad's growth trajectory appears promising. What are your thoughts on Etihad's latest financial performance? Share your views in the comments below.