Etihad Airways reported its best-ever annual financial results on Wednesday as the Abu Dhabi-based carrier posted a profit of $476 million after-tax – more than triple the profit it made in 2023.
Etihad is now on a path of significant expansion, and chief executive Antonio Neves says he will “do whatever it takes” to increase the carrier’s fleet size despite ongoing delays at both Airbus and Boeing.
It’s hard to believe, however, that this would be Etihad’s story, given its historic $1.87 billion loss in 2016 following years of overspending. The airline was forced to shrink its fleet size and route network, with fears that Etihad could become an inconsequential boutique carrier.
In 2024, Etihad carried 18.5 million passengers, a third more than in 2023, with a healthy load factor of 87%. The airline brought in $5.7 billion in passenger revenue and $1.1 billion in cargo revenue.
Etihad now has a fleet of 98 aircraft, up from 85 in January 2024, and is serving 73 destinations – four more than it served a year ago. Within the next five years, Neves says he is determined to increase the fleet size to 150 aircraft.
Despite Etihad’s new era of rapid expansion, Neves credits cost discipline with the airline’s financial success and said he was “confident we will continue to be a financially strong airline.”
Abu Dhabi’s government-controlled sovereign wealth fund ADQ took full control of Etihad in late 2022, and the fund has been discussing listing Etihad publicly for at least a year.
ADQ has yet to officially confirm any information about a potential IPO, but sources have suggested that the wealth fund would initially offer a 20% stake in the airline, with a listing taking place within the first quarter of 2025.
