Etihad Airways reports 10% increase in H1 2024 cargo revenues

Etihad's H1 2024 report reveals that its profit after tax rose to AED 850 million ($232 million) in the first half of this year, marking a 48% year-on-year increase from AED 576 million ($157 million) in the same period last year. The airline attributes this significant profit increase to strong passenger and cargo revenue. Total revenue for the airline increased by 21% year-on-year to AED 11.7 billion ($3.2 billion), reflecting robust demand, strategic network expansion, and increased frequencies in key markets.

The UAE-based airline reported a 10% increase in its cargo revenue to AED 1.9 billion ($517 million) in the first half of 2024 compared to the same period last year. This growth is mainly attributed to higher demand and increased belly capacity of its fleet. The airline handled 320,000 tonnes of cargo in the first half of 2024.

"We are pleased to report a strong first half of the 2024 financial year, with profit after tax 48 per cent higher than the net result reported in the same period of 2023. This reflects a robust performance in both passenger and cargo revenues, demonstrating the soundness of our strategy and growth path," said Antonoaldo Neves, Chief Executive Officer of Etihad Aviation Group, in an official statement.

Neves added, "Notwithstanding global aircraft shortage, we have 16 more aircraft in our fleet of 92 than at the same point last year, including three A321neos. We are bringing six A321neos into operation this year, equipped with advanced CFM LEAP 1A engines. In the next 18 months we expect to add more than 20 new generation aircraft to our fleet, which offer reduced emissions and up to 20% more efficiency compared to previous models.

"Our dedication to customer service remains steadfast as we prepare to further expand our network and enrich our services, connecting more individuals to and through Abu Dhabi," added Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group.

Etihad has been enhancing its global network by adding new destinations, increasing capacity, and expanding partnerships. The airline signed a joint venture with China Eastern, the first of its kind between a Middle Eastern and Chinese airline. The total number of destinations increased from 70 to 81, including new flights to various locations like Bali, Thiruvananthapuram, Kozhikode, Boston, Jaipur, and Al Qassim, as well as seasonal favourites like Nice, Antalya, Mykonos, Santorini, and Malaga.