Middle Eastern carrier Etihad Airways is claiming to have trebled its full-year net profit to Dhs1.7 billion ($476 million), a record for the Abu Dhabi-based airline.
Etihad says this follows a 25% increase in revenues to Dhs25.3 billion, as passenger numbers rose 32%.
It says it has made “significant” operational efficiency improvements. Unit costs – both including and excluding fuel – fell during the year, and its EBITDA figure rose by 32% to Dhs4.6 billion.
Etihad also benefited from a large reduction, nearly Dhs1 billion, in net finance costs. The carrier’s previous full-year net profit figure was Dhs523 million.
“These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy,” says chief executive Antonoaldo Neves.
“Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety.”
Etihad expanded its fleet last year to 97 aircraft – adding 12, including six Airbus A321neos and re-introducing a fifth A380.
The airline also broadened its network with the launch of 20 new destinations – among them Boston, Bali, Nice and Nairobi – of which at least 10 will start this year.
Cargo revenues for the carrier totalled Dhs4.2 billion, up 24%, with yields improving over the second half of the year.
