Etihad Airways profit soars to record $296m in H1

ABU DHABI: Etihad Airways on Thursday announced its financial and operating results for the first half of 2022, posting a record-breaking core operating profit of $296 million (H1 2021: $392 million loss). This result was achieved despite fuel costs increasing by almost 60% in comparison to the same period last year.

Etihad carried 4.02 million passengers in H1 2022, over 3 million more than last year (H1 2021: 980,000), with an average seat load factor of 75%. Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered. The airline saw a strong boost in passenger volumes in February as Abu Dhabi further relaxed pandemic-related restrictions.

Network capacity came in at 24 billion ASKS for H1 2022, growing by 46% compared to last year (H1 2021: 16.4 billion), as the airline connected Abu Dhabi to 71 passenger and cargo destinations across 45 countries. The first half of the year saw Etihad launch five summer services, including new seasonal routes to Heraklion on the island of Crete and the French city of Nice.

Cargo operations continued to deliver exceptional results with revenues of US$ 802 million in the first half of 2022, representing an increase of 6% on the same period last year.

Tony Douglas, Group Chief Executive Officer, said, “Thanks to our transformation programme, Etihad is emerging from the pandemic stronger than ever, with a world-class fleet, an unmatched customer proposition and sustainability woven into every fibre of our business.