ETIHAD AIRWAYS enjoyed a record financial performance last year, with net profit up 48 per cent to US$62 million on revenues up 27 per cent to US$6.1 billion.
2013 also saw earnings before interest and tax (EBIT) up 22 per cent to US$208 million and earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) up 30 per cent to US$979 million, a margin of 16 per cent of total revenues.
It is the third successive year of net profitability, in the airline’s 10th year of operation.
James Hogan, chief executive, says: “We have hit every financial target for each of the last seven years, bringing sustainable profitability to a business which has grown from just US$300 million in revenues in 2005 to more than US$6 billion today.
During the period, Etihad Airways’ cargo division delivered what it calls ‘a standout performance’ in a stagnant airfreight market, with cargo revenues up 30 per cent to US$928 million (US$716 million) on volumes up from 367,837 to 486,753 tonnes.
“This shows what focused business strategy can deliver,” adds Hogan. “We have identified cargo as a major growth opportunity for Etihad Airways and its partners, and this will be a billion dollar business in 2014.”
