Etihad Airways has reported an operating profit of US$296 million for the first half of 2022, a record H1 result for the carrier which it attributed to a broad restructure and years-long transformation that was accelerated by the pandemic.
In a financial statement released on Thursday the Abu Dhabi-based carrier reported passenger revenues tripled in the first six months of the year, climbing to US$1.25 billion (up from US$320 million in H1 2021) as pandemic-related restrictions eased and more travellers returned to the skies.
The airline reported passenger loads ‘increased consistently over the first six months’ to a total of 4.02 million – an increase from 980,000 passengers in H1 2021 – with an average seat load factor of 75 per cent.
Cargo operations delivered revenues of US$802 million in the first half of 2022, representing a 6 per cent increase on the same period last year.
Etihad chief financial officer Adam Boukadida said a ‘constant focus on cost containment’ helped to lower fixed overhead and finance costs, making the airline ‘more resilient and efficient’.
"In the first half, we managed to further reduce our fixed overhead and finance costs by US$50 million compared to H1 2021, reduce the level of debt on our balance sheet, and improve our EBITDA by more than US$600 million,” he said.
“While ramping up our operations and recording a four-fold increase in passenger volumes, we kept a tight hold on our cost base. As a result, our operating costs only rose by 26 per cent despite a 46 per cent increase in deployed capacity,” he added.
EBITDA for the period came in at US$690 million.
The first half of the year saw Etihad launch five summer services, including new seasonal routes to Nice, France and the Greek island of Crete.