Photo: Etihad Cargo
Etihad Cargo registered double-digit percentage improvements in both its revenues and profits last year as it expanded its network and added bellyhold capacity.
In its annual results release, the airline said that last year cargo revenues had increased by 24.1% year on year to $1.3bn while volumes for the year improved by 11.6% to 646,000 tonnes.
The airline said the improvement in cargo revenues was fuelled by increased capacity and volume, alongside improved yields in the second half of the year.
This performance reflects that of the overall market that saw cargo traffic increase by 11.3%.
Etihad last year continued to ramp up its network following the Covid pandemic and said it had added 20 new destinations and increased frequencies on 25 routes over the past two years.
The airline expanded its fleet last year to 97 aircraft – adding 12, including six Airbus A321neos and re-introducing a fifth A380.
The carrier added that it had also benefited from a new partnership with express carrier SF Airlines.
Looking at overall performance across the business, the airline trebled its full-year net profit to $476m, a record for the Abu Dhabi-based airline, while revenues improved by 25% to $6.9bn.
Etihad said it had made “significant” operational efficiency improvements. Unit costs – both including and excluding fuel – fell during the year, and its EBITDA figure rose by 32%.
Looking ahead, the airline is planning to add 10 A350 freighters. It has confirmed orders for seven of the model and is in negotiations with Boeing to add a further three.
However, airframer Airbus recently announced a delay to the entry-into-service date of its A350 freighter to the second half of 2027, from its earlier expectation of 2026.
Etihad Cargo’s freighter fleet currently stands at five Boeing 777 freighters.
