Etihad Airways Soars High with Strong Results in 2023

Etihad Airways, the national airline of the United Arab Emirates, has announced its full-year results for 2023. The airline recorded an impressive operating result of AED 1.4 billion (U.S.$394 million). This achievement was driven by a year-on-year growth in passenger revenue of AED 4 billion (U.S.$1.1 billion), marking a significant improvement in passenger business profitability.

The airline carried 14 million passengers last year, a substantial increase of approximately 40% from the previous year. This underlines the continued robust demand for travel across its growing network. The overall load factor improved to 86%, compared to 82% in 2022. Total revenue reached AED 20.3 billion (U.S.5.5 billion) in the year ended 31 December 2023, up from AED18.3 billion (U.S. 5.0 billion) in 2022.

In 2023, Etihad Airways launched 15 new destinations, including Lisbon, Copenhagen, Kolkata, and Osaka. The airline also expanded its operating fleet by 14 aircraft, supporting approximately 30% growth in Available Seat kilometres (ASKs).

Etihad Airways has also strengthened its balance sheet by reducing net leverage to 2.5x net debt to EBITDA, down from 5.0x in 2022. This was achieved through solid cash-flow generation and controlled CAPEX, supported by improving aircraft utilisation and re-activating previously parked aircraft.

Etihad’s passenger widebody fleet now comprises 78% new-generation aircraft, one of the highest ratios in the industry. This underscores its dedication to operational efficiency and contributes significantly to its reduced emission targets.

His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, expressed his gratitude to the customers and the Etihad family for their contribution to the airline’s success. He also expressed confidence in the airline’s future growth and its vision to be the airline that everyone wants to fly.

The airline also saw an impressive rise in positive customer sentiment across 2023, buoyed by the opening of its new home, Abu Dhabi Zayed International Airport, at the end of the year.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, praised the Etihad team for their outstanding execution capability and relentless hard work. He expressed confidence in the team and underscored the airline’s commitment to sustainable, profitable growth, robust cost control, and operational efficiency. Looking forward, he stated that the airline will continue to deliver on its shareholder’s mandate, which is to be a financially viable airline delivering extraordinary customer experiences.