Investments, passenger demand bring increased profit to Etihad
Officials at Etihad Airways were buoyant about the recent figures which show 2012 ending with a net profit of US$42 million, up from the US$14 million in profit the carrier realized in 2011.
“This has been a game-changing year for Etihad Airways,” said the carrier’s CEO James Hogan in the February 4 announcement of the company’s yearend figures. Sales for the year also increased from US$4.1 billion to US$4.8 billion.
The year ended with the airline actively building an “equity alliance,” with its investments in airlines airberlin, Air Seychelles, Virgin Australia and Aer Lingus.
The global financial community has also lined up for support. Hogan said more than 50 financial institutions have provided funding for Etihad’s expansion.
On the operations side, revenue passenger kilometers were up 23% in 2012 to 48 billion. Available seat kilometers were 61 billion, a 20% increase from 2011. Cumulative load factor for the year was 78.2%.
Through equity and code-sharing agreements, more than 1.2 million of the airline’s more than 10 million passengers last year found their way to Etihad network. The airline added six new destinations in the past year, and will expand its reach to Washington, Amsterdam, Sao Paulo and Ho Chi Minh City this year.
Planned fleet upgrades for 2013 include 14 aircraft, with 11 passenger aircraft deliveries and three freighter deliveries. The orders are for nine 777-300ER passenger aircraft, two 777 freighters and one A330 freighter. Four A320s and one A321 are also scheduled to arrive this year.
“I am excited about what the future holds and look forward to working with all our partners to maximise the return for our shareholder, enable the continued growth and evolution of Abu Dhabi, and create a remarkable experience for our passengers,” said Hogan.