Middle Eastern carrier Etihad Airways is crediting a strong summer season, following network expansion, for a substantial improvement in profitability at the nine-month mark.
The Abu Dhabi-based operator – which has extended its network to 83 destinations – says it also achieved “significant growth” in its cargo activities, especially during the third quarter.
Etihad’s nine-month net profit reached Dhs1.4 billion ($368 million), up around two-thirds.
Its revenues increased by 21% to Dhs18.4 billion as passenger numbers rose by 35%, and the average load factor lifted slightly to 87%.
Unit costs, excluding fuel, fell by 8%.
Etihad’s cargo revenues were also up 21%, reaching Dhs3 billion. The carrier says this was driven by higher volumes and better yields.
Chief executive Antonoaldo Neves says the company’s performance illustrates the “effectiveness of our strategy and the strength of our growth trajectory”.
Etihad has expanded its fleet to 95 aircraft, 16 more than it had at the same point last year, including the introduction of six Airbus A321neos scheduled for delivery in 2024.
