Etihad Airways, the national airline of the United Arab Emirates, achieved its strongest financial results to date in 2014, posting a net profit of US$ 73 million on total revenues of US$ 7.6 billion, up 52.1 per cent and 26.7 per cent respectively over the previous year.
The record performance, which marked the airline’s fourth consecutive year of net profitability, also saw earnings before interest and tax (EBIT) up 32.5 per cent to US$ 257 million. Earnings before interest, tax, depreciation, amortization and rentals (EBITDAR) were up 16.2 per cent to US$ 1.1 billion, representing a 15 per cent margin on total revenues.
Etihad Airways’ cargo division delivered a standout performance in 2014, becoming a billion dollar company one year ahead of schedule. Cargo revenues were up 19.2 per cent to US$ 1.1 billion, with freight and mail volumes rising from 487,000 to 569,000 tonnes.
“Etihad Cargo has consistently outperformed the global market. Its impressive 17 per cent growth in freight tonne kilometres in 2014 is four times the industry average,” said Mr Hogan. “Today, Etihad Cargo is one of the largest cargo operators in the world. We are forecasting significant growth for 2015, driven by key initiatives to expand its capacity and scope, and to leverage equity and other partnerships.”
Etihad Airways won more than 55 awards in 2014, including being named World’s Leading Airline for the sixth straight year at the World Travel Awards (WTA).