Etihad Airways has posted a record-breaking core operating profit of US$296 million for the first half of 2022, a huge turnaround from a US$392 million loss in the first half of 2021. The result was achieved despite fuel costs increasing by almost 60% in comparison to the same period last year.
Etihad carried 4.02 million passengers in H1 2022, over 3 million more than last year, with an average seat load factor of 75%. Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered. The airline saw a strong boost in passenger volumes in February as Abu Dhabi further relaxed pandemic-related restrictions.
Tony Douglas, Group Chief Executive Officer, said: "Thanks to our transformation program, Etihad is emerging from the pandemic stronger than ever, with a world-class fleet, an unmatched customer proposition and sustainability woven into every fibre of our business.
"As air travel came roaring back in 2022, Etihad was there to reconnect our customers with their loved ones and take them on their long-awaited vacations, carrying over 4 million passengers to and from our beautiful home of Abu Dhabi.
"Sustainability continued to be a priority area for Etihad as we entered our fuel-efficient A350-1000s into service and continued our industry-leading decarbonization efforts, leading to Etihad being recently named Environmental Airline of the Year," Douglas added.
Etihad's passenger revenues tripled in the first six months of the year, climbing to US$1.25 billion as more business and leisure travellers returned to the air. This was supported by more countries across Etihad's network relaxing COVID travel restrictions.
Adam Boukadida, Chief Financial Officer, said: "Our transformation programme has made Etihad substantially more resilient and efficient, and we are extremely proud of our return to profitability in the first half of 2022.
"Our overall operating profit of US$ 296 million is testament to the strength of our business model at Etihad and the improvements we have made to our underlying financial performance over the years."
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