Summary
- Etihad Airways saw a $394 million operating profit in 2023, with passenger revenue increasing by $1.1 billion.
- The airline carried 40% more passengers last yr, reaching a complete of 14 million, with an overall load factor of 86%.
- Etihad added 15 recent destinations in 2023 and 14 aircraft, including 4 Airbus A380s.
Etihad Airways has revealed key figures for 2023, including overall revenue, profits, and recent destinations, amongst others. The carrier made significant improvements in passenger business profitability because it attracted many more passengers last yr than in 2022.
$394 million operating profit
Etihad’s full-year 2023 results reveal a $394 million operating profit as its overall passenger revenue increased by $1.1 billion in comparison with 2022. The airline carried 40% more passengers last yr attributable to robust demand for travel, with the general load factor crossing 85%. Antonoaldo Neves, Chief Executive Officer of Etihad Airways, commented,
Photo: Markus Mainka | Shutterstock
Key figures
Etihad’s total revenue for 2023 was $5.5 billion, an 11% increase from the previous yr. Of this, passenger revenue was $4.5 billion. Cargo revenue slipped by 38% to $914 million because the airline couldn’t replicate the huge freight performance of 2022 amid an overall increase in cargo capability around the globe.
With an operating profit of $394 million, the carrier made a net profit of $143 million, suggesting a sturdy post-COVID passenger recovery. Etihad flew 14 million passengers in 2023, with an overall load factor of 86%, in comparison with 82% in 2022.
While its profits were driven by increased passenger revenue, reduced Cost per Available Seat Kilometre (CASK) and CASK, excluding fuel, also helped greatly.
Photo: Lukas Wunderlich | Shutterstock
In 2023, Etihad announced or began operations to fifteen recent destinations: Boston, Lisbon, Malaga, Nice, Dusseldorf, Copenhagen, Mykonos, Santorini, St Petersburg, Nairobi, Kozhikode, Thiruvananthapuram, Kolkata, Bali and Osaka, although there have been 4 destinations that were present in 2022 but not in 2023.
The airline also added 14 aircraft, including 4 Airbus A380s, last yr, and its passenger widebody fleet comprised 78% new-generation aircraft, one in all the very best ratios within the industry.
Developments in 2024
Etihad has already had several developments in 2024. It received three recent Boeing 787 Dreamliners in February, further increasing its fleet’s share of latest-generation fuel-efficient planes. Etihad flies these planes to several destinations, including so far as Australia and the US.
The airline also made changes to its frequent flyer program, which might be relaunched in June, and recently opened its second US airport lounge with Chase at Washington Dulles for premium passengers and Chase bank card holders.
Photo: Nicolas Economou | Shutterstock
There are also reports that Etihad could go public with an IPO and grow to be the primary publicly traded airline within the Gulf if listed. ADQ, an Abu Dhabi state-controlled sovereign wealth fund that owns Etihad, is claimed to be exploring the potential of listing the carrier. If that happens, it could boost the corporate’s visibility significantly.
![An Etihad Boeing 787 Dreamliner Flying in the sky.](https://static1.simpleflyingimages.com/wordpress/wp-content/uploads/2023/12/shutterstock_2110181513-1.jpg)
Etihad Adds Antalya And Jaipur To Its Network Amid Summer Expansion
The airline can also be increasing frequencies to other destinations.
What are your views on this? Please leave a comment below.