Etihad Airways Reports $476 Million Profit in 2024, More Than Tripling Previous Year’s Earnings
The Abu Dhabi-based airline continues its steady growth following a restructuring process and plans to expand its network to over 125 destinations by 2030.
Etihad Airways posted a net profit of $476 million in 2024, more than triple the previous year’s earnings, driven by $5.7 billion in passenger revenue and $1.1 billion in cargo revenue. The airline attributed this strong growth to improvements in operational efficiency.
"These results reflect our team’s commitment to executing our strategy, enhancing customer satisfaction, and achieving sustainable, profitable growth," said CEO Antonoaldo Neves in a statement. "Looking ahead, I am confident that we will continue to be a financially strong airline, delivering extraordinary experiences to our customers and contributing to the long-term success of the United Arab Emirates."
Potential IPO and Abu Dhabi’s Aviation Ambitions
While the company did not mention initial public offering (IPO) plans in its earnings report, sources cited by Reuters suggest that Etihad may go public in the first quarter of this year. It is estimated that Abu Dhabi’s sovereign wealth fund ADQ, which owns the airline, could sell around 20% of its stake to local and international investors.
Abu Dhabi has been intensifying efforts to establish itself as a global transportation hub, aligning with the region’s economic diversification strategy aimed at reducing oil dependence through investments in tourism and other key sectors.
Expansion and Future Outlook
Founded in 2003, Etihad underwent a restructuring process and leadership changes after investing billions of dollars to compete with other Gulf carriers. The airline’s expansion was further boosted by the 2023 opening of a new terminal at Abu Dhabi’s Zayed International Airport, tripling its annual capacity to 45 million passengers.
In 2023, Etihad added over 20 new destinations and aims to reach more than 125 airports by 2030, reinforcing its growth strategy.
Comentarios
Para comentar, debés estar registrado
Por favor, iniciá sesión