Etihad cargo revenue crosses $1bn; reports $476mn profit in 2024
Total revenue increased 25% to $6.9 billion on robust performance in both the passenger and cargo business.
Etihad Airways reported a 24 percent increase in cargo revenue at $1.1 billion for 2024 on increased capacity (12 percent year-on-year in cargo leg tonnes carried) with improved yields in the second half of the year.
Cargo tonnes (leg tonnes) increased to 646,000 from 579,000 in 2023, says an official release.
Net profit more than tripled to $476 million in 2024, "driven by strong momentum in the passenger business, a robust recovery in cargo operations and a significant reduction in net finance costs – down by almost 80 percent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation."
Revenue increased 25 percent to $6.9 billion compared to $5.5 billion in 2023 on robust performance in both the passenger and cargo business, the release added. Passenger revenue increased 25 percent to $5.7 billion, reflecting an enhanced network and increased capacity, the release added.
"In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. 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."
Antonoaldo Neves, Chief Executive Officer, Etihad Airways says: “These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy. Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety.
"Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder’s mandate, and contributing to the long-term prosperity and success of the UAE."
Cash flow from operations at $1.6 billion was almost doubling that of FY2023, supporting growth and further deleveraging, the release added.
