Net profits at Etihad Airways soared by 200% in 2012 to $42 million on the back of strong improvements in revenues, passenger numbers and cost control.
Revenue increased 17% to $4.8 billion as passenger numbers rose by 23% to 10.3 million over 2011 levels.
The numbers were boosted significantly by Etihad’s equity partnerships and codeshares, which delivered more than $600 million in total revenue, the Abu Dhabi-based airline said today.
President and chief executive James Hogan described the past 12 months as a “game-changing” year for the carrier.
“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,” he said.
“We have taken great strides in building the industry’s first ‘equity alliance’, with our investments in Air Berlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business.
“And we have met our mandate of contributing to the economic development of Abu Dhabi, growing its aviation sector and building trade and tourism connections across the globe.”
Equity and codeshare partners delivered more than 1.2 million passengers onto the Etihad network.
Air Berlin, in which Etihad Airways holds a 29.21% stake, made a very strong contribution, with more than 300,000 passengers shared between their networks, delivering more than $130 million in total to the two airlines.
The airline opened its first European call centre in Manchester last year employing more than 190 staff. They answered almost 500,000 calls in 18 markets in nine languages since opening, bringing in more than $20 million in revenue.
Planned fleet upgrades for 2013 include the delivery of 11 passenger aircraft including six wide-body Boeing 777-300ERs.
“I am proud of our success and the enormous effort and achievements of every person working at Etihad Airways,” Hogan said.
“I am excited about what the future holds and look forward to working with all our partners to maximise the return for our shareholder, enable the continued growth and evolution of Abu Dhabi, and create a remarkable experience for our passengers.”
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