Etihad Airbus A321LR
Etihad continued its string of good results by reporting its highest-ever net profit last year of AED 2.565 ($698 million). This confirms the Abu Dhabi carrier is on the right trajectory towards sustainable profitability and solid margins, thanks to a disciplined yet aggressive growth strategy.
Whereas pre-COVID results still are a benchmark for some airlines, they aren’t for Etihad. In 2019, the airline produced a $0.87 billion net loss, an improvement from the $1.28 billion loss in 2018. Forget the Covid years and look at the proper restart in 2022, when the airline turned in a $25 million net profit, followed by $143 million in 2023.
2024 Produced a $476 million profit after tax at a 6.9 percent profit margin, an EBITDA of $1.7 billion, $6.9 billion in revenues from 18.5 million passengers and 646 million tonnes carried. This is with a fleet of 98 aircraft operating to 94 destinations.
Now look at how the results improved last year. Thanks to good operational results and strict control of unit costs, a $698 million net profit was achieved at an 8.4 percent margin, $6.3 billion EBITDA, $8.4 billion in revenues, 22.4 million passengers carried and 703 million tonnes of cargo. HY2 was slightly better than the first six months and produced a $392 million net profit and $4.7 billion in revenues.
Whereas the HY1 results were achieved with 106 aircraft, the fleet grew to 127 aircraft by the end of December, thanks to the induction of more Boeing 787s, Airbus A350s, and the first A321LRs. This allowed Etihad to grow the network to 110 destinations, reaching a milestone of 300 flights per day in October.
New routes
Etihad launched new routes from key inbound source markets like Atlanta, Prague, Warsaw, Addis Ababa, Hanoi and Hong Kong. It also strengthened its network to Milan in November with a third daily rotation, filling the void that was left when Wizz Air Abu Dhabi exited this market. The A321LR was put to good use by launching services to Kolkata (India), Tunis (Tunisia), Medan (Indonesia), Phnom Penh (Cambodia), Krabi and Chiang Mai (Thailand).
CEO Antonoaldo Neves described 2025 as “a defining year for Etihad, delivering our strongest performance across every key metric and marking our fourth consecutive year of profitability. These results confirm that our strategy is working – growing sustainably, strengthening our financial position, and continuing to deliver a high-quality experience for our guests. (…) With a stronger financial position, a growing fleet and a clear sense of purpose, we are well positioned to continue building on this momentum – giving flight to ambition for our guests, our people and to Abu Dhabi.”
Fleet growth
Indeed, Etihad’s hunger for more hasn’t been satisfied yet. It has updated its strategy to grow the fleet to 200 aircraft and reach 37 million passengers carried in 2030. This will be supported by more aircraft, including the Airbus A330-900 that was ordered last November at the Dubai Airshow. Etihad will get nine from lessor Avolon, with the first due next year, plus another six on direct order with Airbus in 2028 and 2029. The carrier also disclosed orders for ten more A350-1000s and three more A350Fs in Dubai, plus six Boeing 787-10s.
Focusing on its own strength and investing in codeshare partnerships rather than equity, Etihad has steered clear of the troubles that it found itself in some ten years ago when investments in airberlin and Alitalia proved to be a big failure. Tony Douglas corrected the course, but it is Neves who thrusts Etihad to the higher level it finds itself on today.
Views: 0
About The Author
Take AirInsight for a Test Flight
7 days full access — premium analysis and the complete data model library — for $1. No commitment.
Start My Test Flight →
