Etihad Airways has reported a $143 million net profit in its full year results for 2023, a significant increase from 2022's net profit of $25 million. It reported $5.5bn in revenues for the year, up from nearly $5bn in 2022. Passenger revenue contributed to this increase, with it rising from $3.5bn in 2022 to $4.5bn in 2023. However, cargo revenue was down from $1.5bn in 2022 to $914 million in 2023, with the airline noting a cooling of post-Covid cargo yields.
Etihad's load factor was up four percentage points to 86% in 2023. The airline also saw passenger numbers surge by 40% to 14 million passengers, bolstered by its network expanding to 72 destinations.
""Our task at hand is to further strengthen our business as we continue our growth strategy and pursue further margin expansion opportunities,"" said Etihad Airways CEO Antonaldo Neves.
Its net debt to EBITDA reduced from 5x in 2022 to 2.5x in 2023.
Etihad Airways records $143 million profit for 2023
