Etihad Airways posts record profits in 1H on successful business transformation program

Etihad Airways today announced its financial and operating results for the first half of 2022, with a record profit in the core operating business of $296 million (compared to a loss of $392 million in the first half of 2021), despite a 60% increase in fuel prices compared to the same period last year.

Etihad Airways carried 4.02 million passengers in the first half of 2022, 3 million more passengers than last year (980,000 passengers in the first half of 2021), with a 75% seat factor. Passenger numbers have been steadily increasing over the past six months, with a 21.9% increase as travel demand recovers. The airline saw a strong increase in passengers in February following the reduction of travel restrictions in Abu Dhabi.

As for the network capacity, it reached 24 billion seats available per kilometer in the first half of 2022, a growth of 46% compared to last year (16.4 billion seats in the first half of 2021), with the carrier operating flights from Abu Dhabi to 71 passenger and freight destinations in 45 countries. At the beginning of the year, Etihad launched flights to 5 summer destinations, including seasonal flights to Heraklion on the island of Crete and the French city of Nice.

As a result of new outbreaks of the Corona virus, which affected key travel markets in the Indian subcontinent and Europe, passenger revenue was $0.3 billion, down 68% less than last year’s revenue of $1 billion. However, the decline in passenger revenue was offset by strong performance in freight operations, cargo tonnage increased 44% in the first half of 2220 year-on-year (365,000 tons) and freight revenue increased 56% year-on-year (USD 0.8 billion). ).

Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, said: “With a business transformation strategy, Etihad is emerging from the pandemic stronger than ever, with a world-class fleet, unparalleled services, and a sustainability strategy woven into every part of our business.”

He continued, “With the return of flights on a large scale in 2022, Etihad Airways was present to transport its guests to visit their loved ones or spend the holidays they had waited for a long time, transporting more than 4 million passengers to and from the Emirate of Abu Dhabi.”

He also said: “Sustainability remains a key focus for Etihad with the entry into service of the A350-1000 fleet, and we continue to enhance our efforts to reduce carbon emissions, which resulted in Etihad Airways winning the title of Green Airline of the Year.”

“The Etihad Guest Program has recorded impressive results this year as it continues to increase interaction with members and launch the “Informed Choices” program, the world’s first environmental loyalty program that rewards travelers for making decisions based on sustainability and community service in the air and on the ground.”

We could not have achieved these results without the effort and commitment of the Etihad Airways family, and our focus today is on continuing this success into the second half of the year,” Douglas concluded.