“Etihad Airways’ Q1 2024: Dh526M Profit Surge, Revenue Growth, CEO Praises Efficiency & Adaptability Amidst Ramadan Shift.”
Etihad Airways' Q1 2024 Profits Skyrocket by 791%
In its financial statement for the initial quarter of 2024, Etihad Airways based in the United Arab Emirates disclosed a notable post-tax profit of Dh526 million, showcasing a substantial escalation from Dh59 million during the corresponding period in the previous year, constituting a remarkable surge of over 791 percent.
Revenue Surge Propels Etihad Airways' Remarkable Profit Growth
This notable upturn in profitability has been ascribed to a concurrent uptick in overall revenue, which surged by Dh987 million, escalating from Dh4.752 billion in Q1 2023 to Dh5.739 billion, predominantly propelled by an expansion in network capacity and a surge in passenger numbers.
Etihad Airways Records 41% Increase in Passenger Volume, Maintains Strong Load Factor and Revenue Stability
Throughout the quarter, the airline witnessed a 41 percent augmentation in passenger volume, facilitating the transportation of 4.2 million passengers, while maintaining a commendable average passenger load factor of 86 percent. Revenue streams from cargo and ancillary sources remained steadfast, thereby bolstering the overarching financial performance.
Etihad CEO Lauds Operational Efficiency Gains; Q1 Profits Match Full FY 2023, Highlights Business Adaptability During Ramadan Shift.
Evident strides in enhancing operational efficiency were manifested through a reduction in unit costs vis-à-vis the corresponding quarter of the preceding year. Antonoaldo Neves, the Chief Executive Officer, expressed contentment with the outcomes, underscoring that the earnings for the first quarter paralleled the total net income accrued for the entire fiscal year 2023.
He accentuated the adaptability inherent within the business framework, particularly conspicuous during the early commencement of the holy month of Ramadan, juxtaposed against the preceding year’s timeline.
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