Etihad Airways posts 200% rise in 2012 net profit



Agence France Presse

Published — Monday 4 February 2013

Last update 5 February 2013 4:39 pm

| نسخة PDF Print News | A A

ABU DHABI: Etihad Airways, the fast-growing carrier of Abu Dhabi, posted a 200 percent rise in net profit in 2012 and a 17 percent increase in revenues, the airline said in a statement on Monday.
Etihad posted a net income of $42 million last year compared to $14 million in 2011 when it made its first-ever profit, said the statement, which attributed the rise to strong improvements in revenues, passengers and cost control.
The Gulf carrier also said it was not considering canceling any of its orders for 41 Boeing 787 Dreamliners, despite a worldwide grounding of the aircraft after a number of incidents.
The government-owned airline said it was discussing buying a stake in India’s loss-making Jet Airways.
The flag carrier of the UAE capital said revenues increased to $4.8 billion in 2012 compared to $4.1 billion the previous year.
The number of passengers grew a healthy 23 percent to 10.3 million compared to 8.4 million in 2011, significantly boosted by Etihad’s partnerships which delivered more than $600 million in total revenue.
“This has been a game-changing year for Etihad Airways,” James Hogan, the airline’s president and chief executive officer said in the statement.
“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.”
Etihad said it succeeded in building the first “equity alliance” with investments of 40 percent in Air Seychelles, 29.2 percent in airberlin, 9 percent in Virgin Australia and about 3 percent in Aer Lingus.
“We have taken great strides in building the industry’s first equity alliance ... which (is) contributing significant value to our business,” Hogan said.
Earnings before interest and tax (EBIT) rose 24 percent to $170 million, while EBITDAR (earnings before interest, tax, depreciation, amortization and rentals) rose to $753 million, up 16 percent, Etihad said.
Hogan said more than 50 institutions have provided around $6.8 billion in cumulative funding for the airline’s ongoing expansion.
Planned fleet additions for 2013 include 14 aircraft — 11 passenger aircraft and three freighters.
Hogan told reporters that Etihad was not planning to cancel any of its Dreamliner orders.
The Dreamliner faces a global no-fly order imposed by US regulators over incidents including a fire on a Japan Airlines plane in Boston and an emergency landing on an ANA flight in Japan.
“We have strong relationship with Boeing.
“The 787 is a great aircraft, and it is not unusual for a new aircraft to have technical issues. We have no doubts that these issues will be resolved,” Hogan said.
Hogan also said Etihad was discussing a stake purchase of India’s private carrier Jet Airways, a day after a similar announcement by Jet.
“We are undertaking due diligence. We met (different ministers) to understand the new rule of investment” in India, Hogan said.
At the end of 2012, Etihad had 10,656 employees, 18 percent more than in 2011, representing more than 125 nationalities.
Etihad Airways, which began operations in 2003, serves 86 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas.
It operates a fleet of 70 Airbus and Boeing aircraft, and more than 90 aircraft on firm order, including 10 Airbus A380s, the world’s largest passenger aircraft.

What's happening around Saudi Arabia

ABHA: Gov. Faisal bin Khalid bin Abdulaziz, Asir region, ordered the formation of a working team in Bisha to address the status of the battered woman who recently shared her suffering on social networking sites.Mohammed bin Sabrah will head the team,...
MADINAH: Madinah Gov. Prince Faisal bin Salman launched a series of charity and developmental projects during his recent visit to Khaibar Province at costs exceeding SR100 million.They included municipal projects at Khaibar, Al-Salsah and Al-Ashash M...
MADINAH: Pilgrims spend the most beautiful moments in the Prophet’s Mosque, where they pray in Riyazul Jannah (garden from the gardens of paradise) and get to greet the Prophet, peace be upon him, said the Omani pilgrim, Ahmed Nasser. “Such deeds giv...
MADINAH: A member of the Senior Scholars Council, Dr. Abdullah Al-Manieh, has called for the establishment of women’s departments at the Islamic University in Madinah in line with other universities in the Kingdom.“The Muslim woman has had her own st...
JEDDAH: The euphoria over the sudden resumption of call facility on WhatsApp in the Kingdom on Saturday was short-lived as the service was not widely available the following day. A large number of users of the popular messaging service, barring a few...
JEDDAH: Work on developing and modernizing the Kingdom’s 27 airports is ongoing and is expected to be completed within the next five years, according to Sulaiman Al-Hamdan, president of the General Authority for Civil Aviation (GACA).“Our goal is tha...
RIYADH: Saudi Arabia and South Korea are set to widen cooperation in the health care sector following a joint road show which underlined potential areas of cooperation and showcased world-class health facilities of that country. The event, titled “Ko...
RIYADH: The Saudi Green Building Forum (SBGF) believe that about fifty percent of the ongoing eco-friendly green building projects across the Kingdom are facing delays for not fulfilling criteria.Faisal Alfadl, secretary-general of the forum, on Satu...
AL-UQAIR: The low-quality of education in the Kingdom arises from many factors. Included among these are the complexity of the system itself, unclear educational vision, non-professional education development programs, and instability due to changing...
JEDDAH: Security authorities in Jeddah called a citizen and his wife for interrogating with them on the charges of beating their Eritrean housemaid.Makkah Police media spokesman, Col. Dr. Atti bin Attiah Al-Quraishi, said: “The Safety Center of Jedda...
AL-UQAIR: The Saudi Commission for Tourism and National Heritage (SCTNH) has deposited SR600 million with local banks for the Al-Uqair Development Company in Al-Ahsa, SCTNH President Prince Sultan bin Salman has said.“Saudi citizens have some equitie...
JEDDAH: A number of preachers have been arrested for using sermons to promote political ideologies, said Fahad Sulaiman Al-Khalifa of the Ministry of Islamic Affairs.He said the issue was not widespread, and the ministry reiterated that the sermon sh...
JEDDAH: A Saudi military analyst and retired brigadier, Ibrahim Al-Marie, has called for the compulsory drafting of young Saudis into the military.This is, he said, not only because the Kingdom is facing regional threats, but because of its benefits...
RIYADH: Advertisement campaigns for fake TOFEL and ILET certificates are being monitored on social media websites in an effort to halt this illegal practice. The certificates originate from Jordan and can be obtained by clients for a sum of SR2,000,...
JEDDAH: A group of young men has come up with a novel home cinema project.The project involves providing a cinema hall show for lovers of the entertainment medium by providing projector screens, sound systems and lighting devices with suitable and co...

Stay Connected

Facebook