The airline carried 4.2 million passengers in the January-March period, while passenger revenue came in at Dhs966m
Etihad Airways’ first-quarter profit soared to $143m (Dhs526m), up from Dhs59m for the same period a year earlier, driven by a robust increase in passenger revenue and reduced net finance costs ahead of the carrier’s possible public offering on the local bourse.
The national said its revenues in the first three months of the year increased by Dhs987m to Dhs5.73bn, up 21 per cent compared to Dhs4.75bn in Q1 2023, helped by growth in network capacity and a 41 per cent increase in passenger numbers.
Etihad carried 4.2 million passengers in the January-March period, while passenger revenue came in at Dhs966m, up 25 per cent from the previous year.
“We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency,” said Antonoaldo Neves, the CEO of Etihad Airways.
“Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi.”
The airline revenue from its cargo division maintained a growth level, supported by expanding partnerships including its agreement with Chinese cargo airline SF Airlines.
The airline optimised its network by enhancing routes and increasing frequencies to key destinations during the period under review. It launched new flights to Thiruvananthapuram, Kozhikode, and Boston, and announced additional routes to Antalya and Jaipur.
“The additional capacity has led to a 34 per cent increase in Etihad’s total weekly flights for the upcoming peak summer period, growing from 642 last year to 858 in 2024,” the airline said in an emailed statement.
The Abu Dhabi-based carrier, which over the past seven years has gone through a massive restructuring, expanded its fleet size from 75 to 89 aircraft in Q1 2024, including the three Boeing 787s Dreamliners that were delivered in February.
Etihad’s IPO
Meanwhile, Abu Dhabi wealth fund ADQ added banks to Etihad’s planned initial public offering (IPO), which is expected to raise as much as $1bn.
The carrier picked Abu Dhabi Commercial Bank, Bank of America, BNP Paribas and Morgan Stanley as joint bookrunners on the potential share sale that is reportedly scheduled for the end of the year.
ADQ is also working with advisers including Citigroup, HSBC Holdings and First Abu Dhabi Bank while Rothschild & Co is acting as an independent financial adviser to ADQ on the potential IPO.
Neves told reporters in March that the carrier is working to be ready for an IPO whenever the shareholder decides the time is right.
“As the management, we have the obligation and whenever is the proper time to do an IPO, we are going to be ready,” Neves said at the time, adding that the decision was for ADQ.
“Etihad has not yet filed for an IPO. Otherwise, if one day it happens in the next three months, six months, one year or two years. We’re going to be ready to evolve and it is my obligation.”
Etihad’s listing would be the first privatisation of a major legacy airline in the GCC region.
0 comments