Etihad Airways Makes A Record-Breaking First-Half Profit
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Etihad Airways revealed its monetary and operational outcomes for the primary half of 2022, together with a record-breaking core working revenue of US$ 296 million (H1 2021: lack of US$ 392 million). This consequence was completed regardless of gasoline prices elevated by practically 60% over the identical interval final yr.
Etihad carried 4.02 million passengers in H1 2022, up greater than 3 million from the earlier yr (H1 2021: 980,000), with a median seat load issue of 75%. Over the primary six months, passenger hundreds usually grew, growing by 21.9 share factors as journey demand recovered. Passenger hundreds elevated considerably in February as Abu Dhabi lifted pandemic-related restrictions.
The airline’s community capability for H1 2022 was 24 billion ASKs, up 46 p.c from the earlier yr (H1 2021: 16.4 billion), because it related Abu Dhabi to 71 passenger and cargo locations in 45 nations. Etihad launched 5 summer time companies within the yr’s first half, together with new seasonal routes to Heraklion on the Greek island of Crete and Nice, France.
Group Chief Executive Officer Tony Douglas said: “Etihad is emerging from the pandemic stronger than ever, thanks to our transformation initiative, with a world-class fleet, an unrivalled client proposition, and sustainability woven into every fibre of our business.”
When air journey resumed in 2022, Etihad was there to reconnect our clients with their family members and take them on their long-awaited holidays, transporting over 4 million passengers to and from our pretty dwelling of Abu Dhabi.
“Sustainability remained a spotlight for Etihad as we entered service with our fuel-efficient A350-1000s and continued our industry-leading decarbonisation efforts, incomes Etihad the title of Environmental Airline of the Year.
This yr, Etihad Guest achieved file outcomes as we continued to drive member engagement and launched Conscious Choices, the world’s first inexperienced loyalty programme that rewards frequent flyers for making sustainable selections within the air and on the bottom “r results would not have been possible without the dedication and hard work of the entire Etihad family, and our focus now is on maintaining this momentum into the second half of the year.”
Etihad Airways passenger income greater than quadrupled within the first six months of the yr, reaching US$ 1.25 billion (H1 2021: US$ 320 million) as extra enterprise and leisure travellers returned to the skies. More nations inside Etihad’s community relaxed Covid-related journey restrictions, which helped this.
Cargo operations delivered exceptional achievements within the first half of 2022, with revenues of US$ 802 million, a 6% rise over the identical interval final yr. Despite elevated passenger volumes limiting belly-hold capability, revenues remained robust, leading to a 19% lower in freight carried (295,020 tonnes).
Fixed overhead and finance prices fell by 9 p.c (or US$ 29 million) and 13 p.c (or US$ 22 million) in H1 2022, respectively, on account of a continuous concentrate on value financial savings.
Etihad Guest, the airline’s award-winning loyalty programme, attracted a file variety of new members in June 2022, increasing to 7.95 million members worldwide. Flight redemptions grew 15% in H1 2022 in comparison with pre-pandemic ranges in 2019, with over 737,000 flights taken and excessive ranges of member engagement translated into file card spend throughout this system’s community of UAE banks, aided by a brand new relationship with Emirates NBD.
“Our transformation initiative has made Etihad significantly more robust and efficient, and we are tremendously proud of our return to profitability in the first half of 2022,” mentioned Adam Boukadida, Chief Financial Officer.
We had been in a position to decrease our mounted overhead and financing prices by US$ 50 million within the first half of 2021, cut back the extent of debt on our stability sheet, and enhance our EBITDA by greater than US$ 600 million.”
We stored our prices underneath management at the same time as we expanded our operations and noticed a fourfold enhance in passenger quantity. As a consequence, regardless of a 46 p.c enhance in deployment, our operational prices elevated by simply 26 p.c “Educational capacity.” Our total working revenue of US$ 296 million demonstrates the robustness of Etihad’s enterprise mannequin and the good points now we have made to our underlying monetary efficiency through the years.”
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