Etihad airways announces fifth consecutive year of net profitability
Etihad Airways, the national airline of the United Arab Emirates and frequent flier carrier in Uganda has today announced its strongest annual financial results to date, with a net profit of US$ 103 million on total revenues of US$ 9.02 billion. The performance, which marked the airline’s fifth consecutive year of net profitability, also saw earnings before interest and tax (EBIT) of US$ 259 million, and earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of US$ 1.4 billion, representing 16 per cent of total revenues.
James Hogan, Etihad Airways President and Chief Executive Officer, said:“Our mandate is to build a sustainably profitable airline. A fifth year of net profits, with our best annual financial performance to date, shows that we are delivering against that goal. “Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships. “As well as operating profitability, we are building enterprise value across the airline and its many additional business streams.”
Summary of Results
- Net profit of US$ 103 million for 2015
- Total revenue of US$ 9.02 billion on back of increased passenger and cargo volumes
- Passenger volume continues to grow faster than capacity, outpacing regional growth
- Equity strategy delivers success in network, revenue growth and economies of scale
- Partnership revenues up to US$ 1.4 billion, delivering five million passengers onto Etihad Airways network
- Growth across group’s business streams, including cargo, MRO, catering and ground handling, and frequent flier programme
In 2015, six new destinations were added to Etihad Airways’ global network – Kolkata, Madrid, Hong Kong, Entebbe, Edinburgh and Dar es Salaam – and capacity increased on 16 existing routes with bigger aircraft, more frequency and improved seat occupancy.
Etihad Airways’ fleet increased by 11 aircraft to a total of 121 at year end. With an average age of 5.8 years, Etihad Airways’ fleet is one of the youngest and most environmentally friendly in the industry. The additions included four A380-800 and four Boeing 787-9 Dreamliner aircraft, while further leased capacity was also added. The A380 was rolled out on the Sydney and New York routes, and inducted on a second daily flight to London Heathrow, while the 787 began commercial operations between Abu Dhabi and Zurich, Brisbane, Washington DC and Singapore.