Etihad Airways reported its strongest ever half-year performance Sept. 3, with record profitability and passenger numbers as it continued its rapid expansion.
The carrier reported net profits of AED1.1 billion ($299.5 million), up 32% compared to the same period last year. Growth was driven by what the airline described as vigorous customer demand, productivity and efficiency gains, plus improved yields across both passenger and cargo sectors. Total revenue rose by 16% year-on-year, to AED13.5 billion.
Etihad carried 10.2 million passengers in the first half of the year, a 17% increase on the corresponding period last year. In July, CEO Antonoaldo Neves told Aviation Week the Abu Dhabi-based carrier upped its target number of passengers from 33 million to 38 million by 2030.
“We are already ahead of the growth levels we set in our strategy; we remain focused on execution and are committed to expansion built on efficiency, service and innovation,” he said in comments on the latest financial figures.
Etihad has launched or announced 27 new destinations so far this year and its operating fleet has passed the 100-aircraft mark. Further expansion will come from May’s agreement for an order for 28 Boeing 777X and 787s as the airline moves towards a fleet size of 200 aircraft. In July, the airline added five new aircraft to its fleet, including its first Airbus A321LR, the highest number of deliveries the airline has received in a single month.
In comments reported in Abu Dhabi’s The National newspaper, Neves said global tensions and tariff increases were not adversely affecting Etihad. “We only see good things in spite of any global or geopolitical discussions that are going on for a very simple reason: We don’t rely on any specific market,” he said.
“We have regions that are stronger [and] regions that are not as strong, but one compensates for the other and that’s going to come again in two or three years,” Neves said. “We have the ability to maneuver through any kind of seasonality or cyclical challenges that we face.”
Etihad plans to start accepting Bitcoin and other cryptocurrencies as payment, Neves said. “But this is not to say we want to take the risk of holding those currencies,” he added. “If we do, we’re probably going to swap those currencies immediately. Not because the currency is going to appreciate and depreciate–but this is not our business.”