Etihad Airways reported net profit of $ 42 million in 2012, up 200 percent on 2011 ($ 14 million) in a year which saw strong improvements in revenues, passengers numbers and cost control.
Revenue increased 17 percent to $ 4.8 billion ($ 4.1 billion), on passenger numbers up 23 percent to 10.3 million (8.4 million).
These numbers were boosted significantly by Etihad Airways’ equity partnerships and codeshares, which delivered more than $ 600 million in total revenue.
“This has been a game-changing year for Etihad Airways,” said James Hogan, president and CEO.
“We have delivered improved net profit, the second consecutive year we have been in the black,” he said.
Earnings before interest and tax (EBIT) rose 24 percent to $ 170 million ($ 137 million), while EBITDAR (earnings before interest, tax, depreciation, amortization and rentals) rose to $ 753 million ($ 648 million), a margin of 16 percent on total revenue.
Since Hogan joined Etihad Airways as president and CEO in 2006, the airline has grown from a $ 750 million business to one which now turns over nearly $ 5 billion a year.
Hogan said Etihad Airways attracted further support from the global financial community in 2012.
More than 50 institutions have now provided more than $ 6.8 billion in cumulative funding for the airline’s ongoing expansion.
“Our bankers understand and trust our business, our vision and our potential,” he said.
During the year, growth in revenue passenger kilometers (RPKs) outpaced growth in available seat kilometers (ASKs) for the fourth year running.
RPKs were up 23 percent to 48 billion (39 billion), on ASKs up 20 percent to 61 billion (51 billion), resulting in an impressive lift in seat factor of 2.4 points to 78.2 percent (75.8 percent).
