Gulf carrier Etihad Airways increased operating profits to $394 million in 2023 after revenues climbed 11% driven by a sharp jump in passenger numbers.
The Abu Dhabi carrier lifted operating profit by $51 million compared with 2022, while net profit increased from $25 million to $143 million last year.
Etihad passenger revenues rose almost $900 million to reach $4.5 billion. That reflects a 4 million increase in passengers to 14 million in 2023, as well as a four-point increase in passenger load factor to 86%.
Increased passenger revenues helped offset a 38% fall in cargo turnover to $914 million as air freight demand normalised after pandemic highs. It means overall revenues were 11% higher last year at $5.5 billion.
The airline also highlights a 7% cut in its costs per seat kilometre before fuel last year, but does not disclose an absolute cost figure for the year.
Etihad chief executive Antonoaldo Neves says: “This accomplishment underscores our commitment to sustainable, profitable growth, robust cost control and operational efficiency.
”Following our strong performance in 2023, our task at hand is to further strengthen our business as we continue our growth strategy and pursue further margin expansion opportunities.”
Etihad, which under went a major restructuring following the collapse of its equity-alliance strategy, has set out a new strategic roadmap under which envisages doubling the size of the airline by the end of the decade.
