Etihad Airways sees 66% y-o-y jump in net income in 9M 2024

ETIHAD AIRWAYS-

Etihad Airways saw its income after tax climb 66% y-o-y to AED 1.3 mn (c. 386 mn) in 9M 2024, according to an earnings release published last week. The Abu Dhabi-based carrier’s revenues rose 21.4% y-o-y to AED 18.4 bn during the same period. Passenger revenues increased 21% y-o-y to AED 15.2 bn as a result of strategic network expansion and high flight frequencies, Etihad said, adding that it carried almost 14 mn passengers in 9M 2024, a 35% y-o-y increase.

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Etihad Cargo also had a good 3Q: Etihad Cargo’s revenues increased 21% y-o-y to AED 3.0 bn, with overall cargo volumes up by 14% on the back of increased capacity in 3Q 2024, according to a statement.The cargo carrier’s partnership with SF Airlines has enhanced capacity, transit times, and connectivity, the statement said.

Expansions on the horizon: Etihad’s operating fleet continues to expand, with all six A321NEOs scheduled for delivery in 2024 now operating. The airline’s fleet has increased to 95 aircraft, an increase of 16 aircraft from last year. The carrier has also extended its network to 83 destinations as of September, a 72% y-o-y rise, with further growth expected by year-end.

What’s next? Etihad Airways is planning to invest some USD 1 bn to modify its older Boeing 777 and 787 Dreamliner aircraft, part of the carrier’s plans to pour USD 7 bn into new aircraft and other expenditures by 2030, CEO Antonoaldo Neves told The National. The Abu Dhabi carrier plans on retrofitting the older Boeing wide-bodies starting 2026 with the aim of leveraging strong air travel demand amid a shortage of new jets. Etihad is also seeking to triple passenger numbers to 33 mn and double its fleet to 150 aircraft by the end of the decade, with a possible listing as part of its growth plans.

ABU DHABI SHIP BUILDING-

Abu Dhabi Ship Building sails into stronger profits: Abu Dhabi Ship Building reported a net income of AED 16.6 mn in 3Q 2024, up from AED 2.3 mn in the same period last year, according to its financial statements (pdf). Revenues surged 99% y-o-y, reaching AED 339 mn. For the first nine months of 2024, net income rose 73.2% y-o-y to AED 40.5 mn, while revenues climbed 41.7% y-o-y to hit AED 1 bn.