Passenger income elevated by AED 4 billion (U.S.$ 1.1 billion) to AED 16.7 billion (U.S.$ 4.5 billion). Launched 15 new locations, added 14 plane together with 4 A380s.
ABU DHABI, UAE – Etihad Airways introduced its outcomes for the total yr 2023, recording AED 1.4 billion (U.S.$ 394 million) working consequence, pushed by AED 4 billion (U.S.$ 1.1 billion) year-on-year progress in passenger income, whereas lowering unit price excl. gasoline by seven per cent, marking a major enchancment in passenger enterprise profitability.
The airline carried 14 million passengers final yr, up ~40 per cent from the yr earlier than, underlining continued sturdy demand for journey throughout its rising community, with an general load issue of 86 per cent, in comparison with 82 per cent in 2022. Whole income reached AED 20.3 billion (U.S.$ 5.5 billion) within the yr ended 31 December 2023, in comparison with AED 18.3 billion (U.S.$ 5.0 billion) in 2022.
By 2023, the airline launched 15 new locations, together with Lisbon, Copenhagen, Kolkata and Osaka, and grew its working fleet by 14 plane, to assist ~30 per cent progress in Obtainable Seat Kilometres (ASKs).
The airline additionally efficiently strengthened its stability sheet by decreasing internet leverage to 2.5x internet debt to EBITDA, from 5.0x in 2022, off the again of sturdy cash-flow era and managed CAPEX, supported by bettering plane utilisation and re-activating beforehand parked plane.
Etihad’s sturdy efficiency in 2023 follows a profitable reorganisation of its enterprise, sharpening its deal with the core airline providing by divesting from ancillary assist companies and companies; restructuring the fleet to deal with probably the most environment friendly and superior plane; streamlining and rationalising its vacation spot community; and rising deal with productiveness and price financial savings.
Etihad’s passenger widebody fleet comprised 78 per cent new era plane, one of many highest ratios within the trade, underscoring its dedication to operational effectivity and contributing considerably to its decreased emission targets.
His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, stated: “A honest thanks to our prospects, in addition to the Etihad household for giving flight to our ambition, and delivering the dependable, best-in-class service that’s the hallmark of our operation. The crew has continued to make our airline stronger and extra environment friendly, whereas delivering extraordinary buyer experiences.
“I’m assured we are going to proceed to construct on this stable basis as we develop our community, improve our providing and join much more folks with Abu Dhabi as we assist and promote the Emirate’s tourism ambitions, delivering our imaginative and prescient to be the airline that everybody desires to fly.”
The airline additionally noticed a formidable rise in optimistic buyer sentiment throughout 2023, buoyed by the opening of its new dwelling, Abu Dhabi Zayed Worldwide Airport, on the finish of the yr.
Antonoaldo Neves, Chief Government Officer of Etihad Airways, stated: “Following our sturdy efficiency in 2023, wherein we achieved AED 1.4 billion (U.S.$ 394 million) working consequence and a internet revenue of AED 525 million (U.S.$ 143 million), our process at hand is to additional strengthen our enterprise as we proceed our progress technique and pursue additional margin enlargement alternatives.
“The execution functionality of the Etihad crew is excellent, and it’s because of their relentless laborious work that we now have been in a position to obtain these outcomes. I’m assured we now have the very best crew on this planet. This accomplishment underscores our dedication to sustainable, worthwhile progress, sturdy price management and operational effectivity.
“Wanting ahead, we are going to proceed to ship on the mandate of our shareholder, which is to be a financially viable airline delivering extraordinary buyer experiences.”
Key 2023 highlights a look:
- Whole Income Development: whole income noticed a major improve, reaching AED 20.3 billion (U.S.$ 5.5 billion) — an 11 per cent uplift from the earlier yr
- Passenger income: passenger income grew AED 4 billion (U.S.$ 1.1 billion), reaching AED 16.7 billion (U.S.$ 4.5 billion)
- Cargo income: following the distinctive yield registered in 2022 because of Covid, Cargo income was AED 3.4 billion (U.S.$ 914 million) in 2023, -38 per cent on 2022, mirroring the general cooling in world cargo charges
- Value of operations: each Value per Obtainable Seat Kilometre (CASK) and CASK excl. gasoline decreased by 8 per cent and seven per cent year-on-year, respectively
- Working consequence and internet revenue: Etihad realised an working results of AED 1.4 billion (U.S.$ 394 million) and a internet revenue of AED 525 million (U.S.$ 143 million), underscoring a powerful monetary efficiency and efficient operational technique over the yr
- Steadiness sheet: vital discount in internet leverage, reaching 2.5x (internet debt to EBITDA) from 5.0x in 2022
- Passenger numbers surge: Etihad skilled exceptional progress in passenger numbers, with a complete of 14 million passengers, marking a considerable ~40 per cent improve
- Passenger load issue: Etihad’s passenger load issue stood at 86 per cent, up from 82 per cent in 2022, among the many highest amongst opponents, demonstrating the airline’s capacity to optimise fleet utilization and route planning
- Community enlargement: Etihad’s community expanded to 72 locations, showcasing its dedication to rising accessibility and connectivity for its Abu Dhabi hub and prospects, whereas additionally exploring new markets and alternatives for progress
| 12 months ended 31 December | 12 months ended 31 December | |||
| 2023 | 2022 | 2023 | 2022 | |
| (AED million) | (USD million) | |||
| Major monetary KPIs | ||||
| Revenues | 20,287 | 18,307 | 5,524 | 4,985 |
| – Passenger | 16,662 | 12.688 | 4,537 | 3,455 |
| – Cargo | 3,357 | 5,377 | 914 | 1,464 |
| Working consequence | 1,447 | 1,260(1) | 394 | 343(1) |
| Internet revenue | 525 | 92(1) | 143 | 25(1) |
| 12 months ended 31 December | ||
| 2023 | 2022 | |
| Major Working KPIs | ||
| ASK (bn) | 72.5 | 56.0 |
| Passenger quantity (m) | 14 | 10 |
| Passenger load issue (%) | 86% | 82% |
| N. of locations as of December(2) | 72 | 69 |
| Working fleet (incl. 5 freighters) | 85 | 71 |
| Cargo tonnes (m) | 371 | 372 |
1. Excluding Covid associated grant
2. In whole Etihad introduced or started operations to fifteen new locations: Boston, Lisbon, Malaga, Good, Dusseldorf, Copenhagen, Mykonos, Santorini, St Petersburg, Nairobi, Kozhikode, Thiruvananthapuram, Kolkata, Bali and Osaka. Locations not accounted for in desk embody seasonal routes not working in December 2023, and locations introduced to be launched in 2024. 4 locations operated in December 2022 didn’t function in December 2023
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Community; his tasks embody enterprise growth and planning for TravelDailyNews long-term alternatives.
