DUBAI, United Arab Emirates — (AP) — Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

While still a slender profit compared to rival Emirates' record profits of $4.7 billion in 2023, it continues a major turnaround for Etihad.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Abu Dhabi’s rulers launched Etihad in 2003, rivaling the established Dubai government-owned carrier Emirates, which boasts a larger fleet and a far-flung network.

Emirates flies out of Dubai International Airport, located only 115 kilometers (70 miles) away from the capital of Abu Dhabi. The two airlines compete in the long-haul carrier market, using their nation’s location as a key east-west transit point to their advantage.

Etihad struggled with its business plan and underwent cost-cutting measures even before the COVID pandemic. Since 2016, Etihad has lost some $6 billion as it has aggressively bought up stakes in airlines from Europe to Asia to compete against Emirates and Qatar Airways.

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.

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