The airline reports its load factor was around 89 % for the month, up a percent from last year whilst the carriers fleet has risen to 89 operational aircraft.
“In February 2024 we saw a 46 per cent year-on-year growth in customer numbers as we continue our growth strategy,” said Antonoaldo Neves, CEO of Etihad Airways. “Our year-to-date (YTD) passenger figures at 2.9 million are 40 per cent higher than at YTD February 2023.
“February was a busy month; we strengthened our fleet, welcoming three new 787-9s, a move which is aligned to our network expansion strategy of adding new destinations and expanding frequencies into key markets.
We also announced two additional new routes which will begin this year: to Antalya, Turkey and Jaipur, India, the latter representing our eleventh non-stop connection between Abu Dhabi and the Indian Subcontinent."
| Feb-23 | Feb-24 | 2023 YTD | 2024 YTD | |
| Passengers | 1.0 million | 1.4 million | 2.0 million | 2.9 million |
| Passenger load factor | 88% | 89% | 88% | 87% |
| Operating fleet size | 74 | 89 | 74 | 89 |
| Passenger destinations | 64 | 69 | 64 | 69 |
Earlier this month Etihad Airways published some details of its results for last year, demonstrating an AED 1.4 billion (U.S.$ 394 million) operating result, driven by AED 4 billion (U.S.$ 1.1 billion) year-on-year growth in passenger revenue, while decreasing unit cost excl. fuel by 7%, marking a significant improvement in passenger business profitability.
Through 2023, the airline launched 15 new destinations, including Lisbon, Copenhagen, Kolkata and Osaka, and grew its operating fleet by 14 aircraft, to support ~30 per cent growth in Available Seat Kilometres (ASKs).
The airline also successfully strengthened its balance sheet by reducing net leverage to 2.5x net debt to EBITDA, from 5.0x in 2022, off the back of strong cash-flow generation and controlled CAPEX, supported by improving aircraft utilisation and re-activating previously parked aircraft.
Etihad’s strong performance in 2023 follows a successful reorganisation of its business, sharpening its focus on the core airline offering by divesting from ancillary support services and businesses; restructuring the fleet to focus on the most efficient and advanced aircraft; streamlining and rationalising its destination network; and increasing focus on productivity and cost savings.
