Etihad Airways’ Net Profit Jumps 200% To US$42 Million

Etihad Airways, the national carrier of the United Arab Emirates, recently reported net profit of US$42 million in 2012, up 200 percent on 2011 (US$14 million) in a year which saw strong improvements in revenues, passengers numbers and cost control.

Revenue increased 17 percent to US$4.8 billion (US$4.1 billion), on passenger numbers up 23 percent to 10.3 million (8.4 million). These numbers were boosted significantly by Etihad Airways’ equity partnerships and codeshares, which delivered more than US$600 million in total revenue.

Top line results for 2012:
• Second year of net profit sees leap of 200 per cent from US$14 million in 2011 to US$42 million in 2012
• Success in building the first ‘equity alliance’, with investments in Air Seychelles (40 percent), airberlin (29.21 percent), Virgin Australia (9 percent) and Aer Lingus (2.987 percent)
• Boost in revenue from US$4.1 to US$4.8 billion, with partner airlines contributing 19 percent of passenger revenue
• 16 per cent rise in EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) of US$753 million (US$648 million)
• Five per cent reduction in non-fuel costs per available seat kilometer
• Passenger numbers break 10 million for the first time
• Record seat factor of 78.2 per cent, a significant jump of 2.4 percentage points
• Revenue passenger kilometers up 23 per cent to 48 billion, continuing to grow ahead of available seat kilometers
• Crowned the World’s Leading Airline for the fourth consecutive year by the World Travel Awards
• Fleet increased by six to 70 aircraft, enabling access to 86 Etihad Airways passenger and cargo destinations, and 248 codeshare destinations
• Cargo tonnage showed strong growth of 19 per cent to 367,837 tonnes.