Etihad 2012 net profit up 200% year on year

Airline clocked 17% increase in revenue and 23% growth in passengers.
Etihad Airways CEO James Hogan.
Etihad Airways CEO James Hogan.

Etihad Airways has reported net profit of US $42 million in 2012, up 200% on 2011 (US $14 million).

Revenue increased 17% to US $4.8 billion (US$4.1 billion), on passenger numbers up 23% to 10.3 million (8.4 million). The company's partnerships and codeshares brought in more than US $600 million in total revenue.

James Hogan, President and Chief Executive Officer of Etihad Airways, said: “This has been a game-changing year for Etihad Airways.

“We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment.

“We have taken great strides in building the industry's first 'equity alliance', with our investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business.

“And we have met our mandate of contributing to the economic development of Abu Dhabi, growing its aviation sector and building trade and tourism connections across the globe.”

Etihad Airways attracted further support from the global financial community in 2012. More than 50 institutions have now provided more than US$6.8 billion in cumulative funding for the airline’s ongoing expansion. “Our bankers understand and trust our business, our vision and our potential,” he said.

During the year, growth in revenue passenger kilometres (RPKs) outpaced growth in available seat kilometres (ASKs) for the fourth year running. RPKs were up 23% to 48 billion (39 billion), on ASKs up 20% to 61 billion (51 billion), resulting in a seat load factor 78.2 per cent (75.8 per cent).

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