São Paulo – The profit of Etihad Airways grew 48% in 2013 and has reached US$ 62 mn. The income of the airline company of Abu Dhabi was US$ 6.1 bn last year, 27% higher than in 2012. The revenue was posted this week by the company.
“We have hit every financial target for each of the last seven years, bringing sustainable profitability to a business which has grown from just $300 million in revenues in 2005 to more than $6 billion today”, said James Hogan, president and CEO of Etihad, according to a statement from the company.
Hogan claims that positive results are due to a strategy that combined organic growth, partnerships and minority stake investments in other airline companies which are strategically important.
“We are particularly pleased to deliver a return for our shareholder, while also playing a major role in the development of trade and tourism within the emirate of Abu Dhabi,” the executive points out.
The number of passengers also grew in 2013, summing up a total of 11.5 mn, an increase of 12% over 2012. Last year, Etihad included six new destinations in their routes, including São Paulo, besides increasing the capability of the 18 existing routes.
Codeshare agreements allowed Etihad to have the biggest route network among Middle East airlines, with almost 400 destinations. The income of these flights amounted to US$ 820 mn last year, representing 21% of the company’s total passenger revenues.
The cargo division of the company presented a 30% growth in income, amounting to US$ 928 mn, with 486.753 in tonnes of weight transported. "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,” Hogan said, according to the statement.
*Translated by Rodrigo Mendonça
