Monday, February 04 10:53:07
Etihad Airways, the national carrier of the United Arab Emirates, today reported net profit of US$42 million in 2012, up 200 per cent on 2011 (US$14 million) in a year which saw strong improvements in revenues, passengers numbers and cost control.
Revenue increased 17 per cent to US$4.8 billion (US$4.1 billion), on passenger numbers up 23 per cent to 10.3 million (8.4 million). These numbers were boosted significantly by Etihad Airways' equity partnerships and codeshares, which delivered more than US$600 million in total revenue.
James Hogan, President and Chief Executive Officer of Etihad Airways, said: "This has been a game-changing year for Etihad Airways.
"We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment. "We have taken great strides in building the industry's first 'equity alliance', with our investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business. "And we have met our mandate of contributing to the economic development of Abu Dhabi, growing its aviation sector and building trade and tourism connections across the globe."
Earnings before interest and tax (EBIT) rose 24 per cent to US$170 million (US$137 million), while EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) rose to US$753 million (US$648 million), a margin of 16 per cent on total revenue.
Since Mr Hogan joined Etihad Airways as President and Chief Executive Officer in 2006, the airline has grown from a US$750 million business to one which now turns over nearly US$5 billion a year.