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Etihad ‘prepping’ for airline IPO
Etihad Airways posted year-on-year growth in passenger revenue, which fueled a full-year profit for the Gulf carrier.
The airline also could be heading for a public offering.
If an airline IPO happens, it would be the first major Gulf carrier to do so.
Etihad recorded an AED1.4 billion (U.S.$ 394 million) operating profit thanks to a $1.1 billion year-on-year rise in revenue.
The airline also reduced unit costs excluding fuel by 7%.
The airline carried 14 million passengers last year, up 40% from the year before, and had an overall load factor of 86%, up from 82% in 2022.
Group CEO Antonoaldo Neves said “I’m working to be ready, whenever it’s the time,” when asked about a possible IPO.
“It’s our obligation to be ready to IPO the company whenever the shareholder believes it is the right time.”
Through 2023, the airline launched 15 new destinations, including Lisbon, Copenhagen, Kolkata and Osaka, and grew its operating fleet by 14 aircraft.
The airline also successfully strengthened its balance sheet.
The positive financials follow a successful reorganisation of its business, cementing a focus on core airline services.
It began divesting from ancillary support services and businesses; while restructuring the fleet to focus on the most efficient aircraft.
Etihad’s passenger widebody fleet comprised 78% new generation aircraft, one of the highest ratios in the industry.
Mohammed Ali Al Shorafa, Chairman of Etihad Aviation Group, said: “The team has continued to make our airline stronger and more efficient.
“I am confident we will continue to build on this solid foundation as we grow our network.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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