Etihad carried 22.4 million passengers, supported by a 21 per cent capacity increase year-on-year, with available seat kilometres (ASK) reaching 111.5 billion. Demand remained strong across the network, with the passenger load factor rising to 88.3 per cent (+2pp year-on-year), demonstrating the execution capability of Etihad’s teams.
This growth translated into a strong revenue performance, with total revenue increasing by 21 per cent year-on-year to AED 30.7 billion (U.S. $ 8.4 billion), driven by expansion across both passenger and cargo businesses.
Passenger revenue rose by 24 per cent year-on-year to AED 25.8 billion (U.S. $ 7.0 billion), reflecting increased capacity, sustained demand, improved load factor and stronger yields.
Cargo revenue increased by 8 per cent to AED 4.5 billion (U.S. $ 1.2 billion), supported by higher capacity and volumes, with cargo volumes rising 9 per cent to more than 700 thousand leg tonnes. Growth in the passenger fleet also supported cargo performance through increased belly-hold capacity, reinforcing Etihad’s integrated passenger and cargo operating model. As a result of this expanded capacity and its joint venture with SF Express, Etihad became the largest cargo operator between mainland China and the Middle East, operating over 100 monthly cargo services.
Operating performance strengthened further, with EBITDA increasing by 37 per cent year-on-year to AED 6.3 billion (U.S. $ 1.7 billion), translating into an EBITDA margin of 20 per cent (+2pp year-on-year). The strong operating performance and unit cost discipline resulted in a profit after tax of AED 2.6 billion (U.S. $ 698 million), up 47 per cent year-on-year, with profit margin improving to 8.4 per cent (+1.5pp year-on-year). This is equivalent to more than double the industry’s average net profit margin of 3.9 per cent.
Strong profitability continued to translate into robust cash generation, with cash flow from operations reaching almost AED 8.0 billion (more than U.S. $ 2 billion), enabling Etihad to fully fund its Capex requirement for the year, while deleveraging the balance sheet. To read full report, click here.
Source: Etihad Airways