Etihad Airways Records Stellar Revenue Of AED20.3 Billion In 2023 Amidst Global Expansion

Etihad Airways has proudly disclosed its financial achievements for the year ending 31st December 2023, showcasing a remarkable performance across various sectors of its operations. The airline reported a total revenue of AED20.3 billion (US$5.5 billion), marking a significant increase from AED18.3 billion (US$ 5.0 billion) in 2022. This financial upturn is attributed to a notable AED4 billion (US$ 1.1 billion) year-on-year growth in passenger revenue and a seven per cent reduction in unit cost excluding fuel, enhancing the profitability of its passenger business.

The airline's operational milestones include transporting 14 million passengers, reflecting a ~40 per cent increase from the previous year and demonstrating strong demand for travel through its expanding network. The overall load factor reached 86 per cent, up from 82 per cent in 2022. Additionally, Etihad Airways expanded its reach by launching 15 new destinations, such as Lisbon, Copenhagen, Kolkata, and Osaka, and increased its operating fleet by 14 aircraft to support approximately 30 per cent growth in Available Seat Kilometres (ASKs).

Further solidifying its financial position, Etihad Airways reduced its net leverage to 2.5x net debt to EBITDA from 5.0x in 2022, bolstered by robust cash-flow generation and controlled capital expenditure (CAPEX). This achievement was supported by improved aircraft utilisation and the reactivation of previously parked aircraft.

The airline's strategic reorganisation focused on enhancing its core offerings by divesting from non-core support services and businesses, restructuring the fleet towards more efficient and advanced aircraft, streamlining its destination network, and prioritising productivity and cost savings.

With a passenger widebody fleet comprising 78 per cent new generation aircraft, one of the highest ratios in the industry, Etihad Airways underscores its commitment to operational efficiency and reduced emission targets.

Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, expressed gratitude towards customers and the Etihad team for their contributions to the airline's success. He highlighted the team's efforts in making Etihad Airways stronger and more efficient while delivering exceptional customer experiences. Al Shorafa remains confident in the airline's continued growth and its role in promoting Abu Dhabi's tourism ambitions.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, reflected on the airline's strong performance in 2023, which resulted in an operating result of AED1.4 billion (US$394 million) and a net profit of AED525 million (US$143 million). Neves praised the Etihad team's execution capabilities and their role in achieving these results. He emphasized the airline's commitment to sustainable growth, cost control, operational efficiency, and delivering extraordinary customer experiences as part of its future growth strategy.

The opening of Abu Dhabi Zayed International Airport at the year's end further boosted positive customer sentiment towards Etihad Airways, setting a promising outlook for the airline's continued success.

With inputs from WAM