Back in 2021, with the Covid-19 pandemic sending the aviation sector into a tailspin, Etihad Airways recorded a net operating loss of $476 million off the back of $1.7 billion loss the year before. The Abu Dhabi-based airline’s fortunes took a nosedive, with some predicting the end of Etihad.
However, a few years on and the resurgent national carrier is preparing to launch 10 new routes in a single day on Monday, November 25, 2024.
This will take the total for the airline up to 93 destinations and will likely only add to the success of airline, which in 2024 is showing signs of having achieved a remarkable comeback.
The expansion plans follow a reported net profit of $1.4 billion for the first 9 months of 2024, representing a 66% increase on the previous year, and suddenly the sky’s the limit for Etihad.
“The execution capability of the Etihad team is outstanding, and it’s thanks to their relentless hard work that we have been able to achieve these results. I am confident we have the best team in the world,” Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said.
The airline’s impressive performance reflects the successful implementation of its multi-year and multi-faceted turnaround strategy.
This involved reorganising the business by concentrating on its core airline operations, divesting from non-essential support services, and optimising its fleet with more efficient and technologically advanced aircraft.
The airline also reviewed its destination network for greater efficiency and prioritised productivity improvements and cost-saving measures.
2024 has perhaps been the most active for the airline, with a raft of major announcements bolstering confidence in the brand.
In November, the airline announced a $1 billion investment to retrofit its Boeing 787 and 777 aircraft, the introduction of new cabins, high-speed internet, and updated entertainment systems with the aim of standardising the passenger experience across its wide-body fleet.
The physical improvements coincided with the signing of strategic relationships including a joint venture with China Eastern Airlines to coordinate flights and share revenues on selected routes signed in June.
Moreover, in a bid to further diversify its revenue, the airline has this month put up an order for three more Airbus A350F cargo aircraft, taking the airline’s total order book for the type to 10, and eventually increasing Etihad cargo’s fleet to 15 active planes.
This came on the back of an announcement earlier in the month of a 21% year-on-year increase in cargo revenue in the first 9 months of the year.
The airline has also benefited from the completion of the Zayed International Airport in Airport, and a growing tourism industry in Abu Dhabi which the airline has keenly associated itself with.
Other partnerships include branded experiences with local attractions like Warner Bros. World Abu Dhabi, which was unveiled with a special livery and on-flight experience for kids earlier this year.
“In just one year, Terminal A has transformed the travel experience for our guests and supported Etihad’s ambitious growth plans. This world-class facility has enabled us to enhance our service standards significantly,” Neves said on the 1-year anniversary of the new airport.
This year, the airline welcomed over 15 million passengers, a 34% increase from last year.
By October 2024, its 12-month passenger total reached 17.8 million, up 73% from 2022, showing rapid growth toward doubling passenger numbers in under two years.
