Etihad Airways announces AED 1.4 billion operating result for 2023

Etihad Airways has announced its results for 2023, 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 decreasing unit cost excluding fuel by seven per cent

It marks a significant improvement in passenger business profitability

The airline carried 14 million passengers last year, up 40 per cent from 2022, underlining continued robust demand for travel across its growing network, with an overall load factor of 86 per cent, compared to 82 per cent the previous year. Total revenue reached AED 20.3 billion ($5.5 billion) in the year ended December 31, 2023, compared to AED 18.3 billion ($5 billion) in 2022. 

Through 2023, the airline launched 15 new destinations, including Lisbon, Copenhagen, Kolkata and Osaka, and grew its operating fleet by 14 aircraft, to support - 30 per cent growth in Available Seat Kilometres (ASKs). 

The airline also successfully strengthened its balance sheet by reducing net leverage to 2.5x net debt to EBITDA, from 5.0x in 2022, off the back of strong cash-flow generation and controlled CAPEX, supported by improving aircraft utilisation and re-activating previously parked aircraft.

Etihad’s strong performance in 2023 follows a successful reorganisation of its business, sharpening its focus on the core airline offering by divesting from ancillary support services and businesses; restructuring the fleet to focus on the most efficient and advanced aircraft; streamlining and rationalising its destination network; and increasing focus on productivity and cost savings.

Etihad's passenger widebody fleet comprised 78 per cent new generation aircraft, one of the highest ratios in the industry, underscoring its dedication to operational efficiency and contributing significantly to its reduced emission targets.

"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 as we support and promote the Emirate’s tourism ambitions, delivering our vision to be the airline that everyone wants to fly," said Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group.

The airline also saw an impressive rise in positive customer sentiment across 2023, buoyed by the opening of its new home, Abu Dhabi Zayed International Airport, at the end of the year.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “Following our strong performance in 2023, in which we achieved AED 1.4 billion ($394 million) operating result and a net profit of AED 525 million ($143 million), our task at hand is to further strengthen our business as we continue our growth strategy and pursue further margin expansion opportunities.