Increased passenger revenues and reduced financing costs helped Etihad Airways to boost first-quarter net profits to $143 million.
The Gulf carrier increased overall revenues one-fifth to $1.56 billion in the first three months of 2024.
That was driven by passenger revenues climbing to $1.3 billion from just over $1 billion at the same stage last year. Etihad carrier 4.2 million passengers in the first quarter, up more than one-third from the 3 million in flew in the same period of 2023. By contrast, cargo revenues were broadly flat at $888 million for the period.
While Etihad’s operating profit was only fractionally higher, at $136 million, against the first quarter of 2023, reduced financing costs helped net profit jump from $16 million to $143 million.
Etihad chief executive Antonoaldo Neves says: “We are pleased to report a strong start to the financial year 2024, with our first-quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey.
”This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business.”
