Tuesday, May 28, 2024

Etihad Airways posted a first-half profit of $296 million


Etihad Airways reported its financial and operating results for the first half of 2022, reporting a profit of $296 million in the core operating business, compared to a loss of $392 million in the first half of 2021, despite a 60% increase in fuel prices in the first half of 2021. Until the time. Same from last year.

Etihad Airways carried 4.02 million passengers in the first half of 2022, compared to 980,000 passengers in the first half of 2021, with a seat occupancy rate of 75%.

The company confirmed that average passenger numbers continued to increase over the past six months, up 21.9% on the back of recovering travel demand. Travel restrictions in Abu Dhabi.

Etihad Airways operates flights from Abu Dhabi to 71 passenger and cargo destinations in 45 countries and earlier this year launched flights to five summer destinations, including seasonal flights to Heraklion on the island of Crete. French city of Nice.

Etihad Airways confirmed strong performance in cargo operations, with cargo tonnage increasing 44% in the first half of 2022 compared to last year, while cargo revenue increased 56% compared to last year.

Tony Douglas, CEO, Etihad Aviation Group, said: “Etihad Airways is emerging stronger than ever from the (Covid-19) pandemic with a business transformation strategy, a world-class fleet, unparalleled services and a sustainability strategy. in every part of our business.”

He stressed that sustainability is a key focus for the company with the entry into service of the A350-1000 fleet, and continued to strengthen the airline’s efforts to reduce carbon emissions, resulting in Etihad Airways winning the title of “Eco-Friendly Airline”. .

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And Etihad Airways tripled its revenue to $1.25 billion in the first six months of the year, reaching $320 million in the first half of 2021, as more business and leisure travelers returned to travel. The easing of travel restrictions after the pandemic “Covid-19” has many countries on the carrier’s destination network.

In turn, cargo flights achieved exceptional results in the first half of 2022, reaching $802 million, or a 6% increase over the results recorded in the same period last year. For his part, Chief Financial Officer Adam Boucatida said the transformation strategy has made Etihad Airways more flexible and effective.

He added: “We are proud to have returned to profitability in the first half of 2022, and during this period, we were able to reduce our indirect fixed costs and finance costs by $50 million compared to the first half of 2021, increase debt on our balance sheet and EBITDA. The debt is over $600 million.”

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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