Etihad Airways reported a 30% y-o-y increase in net income to AED 685 mn in 1Q 2025, according to an earnings release. Total revenues rose 15% y-o-y to AED 6.6 bn, driven by strong performance across both passenger and cargo operations.

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Passenger revenue climbed 16% y-o-y to AED 5.5 bn, supported by increased capacity, network expansion, and higher flight frequencies. The airline carried 5 mn passengers during the quarter, up 16% from the same period last year. Cargo revenues also rose 8% y-o-y to AED 958 mn, despite a 4% decline in volumes, as improved yields helped offset the drop.

On the operations side, Etihad ended the quarter with 98 aircraft in service, including the return of its sixth A380 and the delivery of a new A350-1000. Passenger load factor improved by one percentage point to 87%. The firm just recently said it will invest USD 14.5 bn to acquire 28 Boeing 787 and 777X aircraft during US President Donald Trump’s visit to Abu Dhabi, as it looks to meet its target of a 170-aircraft fleet by 2030.

What’s next? Etihad is set to launch 16 new routes in 2025 and will roll out upgraded First Class services starting August, part of broader efforts to expand its premium offering and support network growth. The firm has also been gearing up for an IPO.

MORE EARNINGS FROM ICD-

Investment Corporation of Dubai’s (ICD) net income rose 11.1% y-o-y to AED 67.5 bn in 2024, according to its financial statements (pdf). The fund’s revenues increased by 12.7% y-o-y to AED 349.6 bn during the same period, while its total assets climbed 11% y-o-y to AED 1.5 tn.

The breakdown: Banking and financial services accounted for 70% of assets and generated 27% of revenue, while transportation accounted for 17% of assets but contributed 45% of revenue. Oil and gas represented 3% of assets and brought in 19% of revenue, while other segments held 10% of assets and contributed 9% of revenue, according to ICD’s financial highlights and analysis.

What’s next? ICD is preparing to launch an IPO of construction giant Alec Engineering & Contracting that could raise up to USD 500 mn. Alec tapped Emirates NBD Capital and JPMorgan Chase to work on the offering and Moelis is advising ICD.

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