Etihad Airways saw its net profits in 2023 increase to 525 million United Arab Emirates Dirham ($143 million) from AED 92 million ($25 million) in 2022 when the carrier was still struggling to recover from the COVID-19 pandemic.
Passenger revenues and new destinations helped drive net profit growth during 2023, along with a drop in fuel costs.
Details regarding the flag carrier’s performance were published on March 6, 2024, as it becomes increasingly likely that Etihad is preparing for an Initial Public Offering.
The Abu Dhabi-based airlines’ CEO, Antonoaldo Neves, told CNBC on March 5, 2024, that he is “working to be ready, whenever it’s the time,” when asked if Etihad is going public.
Highlights from the 2023 financial results included recording AED 1.4 billion ($394 million) operating result, driven by AED 4 billion ($1.1 billion) year-on-year growth in passenger revenue, while fuel decreased by 7% year-on-year.
Passenger numbers were up 40% in comparison to the previous year with 14 million passengers choosing to fly with Etihad in 2023, while the load factor rose from 82% in 2022 to 86% last year.
Total revenue reached AED 20.3 billion ($5.5 billion) at the end of 2023, compared to AED 18.3 billion ($5 billion) in 2022.
