Etihad Airways Soars to New Heights with AED1.4 Billion Operating Result in 2023

Abu Dhabi, The Gulf Observer: Etihad Airways, a leading global airline, has announced its financial results for the full year 2023, showcasing robust performance and strategic advancements. The airline reported a total revenue of AED20.3 billion (US$5.5 billion) for the year ended December 31, 2023, marking a substantial increase from AED18.3 billion (US$5.0 billion) in 2022.

A key driver of this success was the impressive AED1.4 billion (US$394 million) operating result, fueled by a remarkable AED4 billion (US$1.1 billion) year-on-year growth in passenger revenue. Noteworthy is the seven per cent reduction in unit cost, excluding fuel, demonstrating significant improvements in passenger business profitability.

Etihad Airways experienced a surge in passenger demand, carrying 14 million passengers in 2023, reflecting a remarkable ~40 per cent increase from the previous year. The overall load factor rose to 86 per cent, up from 82 per cent in 2022, underscoring sustained robust demand for travel across the airline’s expanding network.

Throughout 2023, Etihad launched 15 new destinations, including Lisbon, Copenhagen, Kolkata, and Osaka, expanding its operating fleet by 14 aircraft to support a ~30 per cent growth in Available Seat Kilometres (ASKs).

A pivotal aspect of the airline’s achievements was the successful reorganization of its business. Etihad sharpened its focus on core airline offerings by divesting from ancillary support services and businesses, restructuring the fleet for efficiency, streamlining the destination network, and prioritizing productivity and cost savings.

Etihad’s commitment to operational efficiency was evident in its passenger widebody fleet, consisting of 78 per cent new generation aircraft, contributing significantly to reduced emissions and aligning with the airline’s sustainability goals.

Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, expressed gratitude to customers and the Etihad family for contributing to the airline’s success. He stated, “I am confident we will continue to build on this solid foundation as we grow our network, enhance our offering, and connect even more people with Abu Dhabi.”

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, praised the exceptional execution capability of the Etihad team. He emphasized the commitment to sustainable, profitable growth, robust cost control, and operational efficiency. Looking ahead, Neves outlined plans to strengthen the business, pursue further margin expansion opportunities, and deliver extraordinary customer experiences in line with the shareholder’s mandate.

The airline’s positive customer sentiment saw a notable rise in 2023, boosted by the inauguration of its new home, Abu Dhabi Zayed International Airport, at the year’s end. Etihad Airways is poised to continue its trajectory of success, contributing to the growth and connectivity of Abu Dhabi on the global aviation stage.