Etihad ‘prepping’ for airline IPO

Thursday, 07 Mar, 2024 0

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.”

TravelMole Editorial Team

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.

NSW, Australia Welcome to New South Wales – a place to feel free, feel alive, feel new. As the official...

Global Hotel Alliance brings together a unique collection of independent hospitality brands for GHA DISCOVERY, a multi-brand loyalty programme. GHA...

Arival advances the business of creating amazing in-destination experiences. We provide events, insights, and community for creators and sellers of...

We understand the importance of personal touch We do things a bit differently at Eventsquid. We know that we could...

Nium was founded on the mission to build the global payments infrastructure of tomorrow, today. With the onset of the on-demand...

Travel Outlook, the premier hotel call center™ Travel Outlook is an innovative, custom off-site central reservations office (CRO) service that...

Some describe it as a natural playground. Some say, it’s simply unique as it offers a great array of travel...

We make travel accessible for everyone We believe everyone should be free to experience the world. For us, there’s no...

Traveltek is the world-leading provider of online solutions for the travel trade, from consumer-facing websites to call centre applications. We...

Air Transat is Canada’s number one leisure airline. It flies to some 60 international destinations in more than 25 countries...

Since its launch in 1999, TravelMole.com has become, one of the largest global online travel industry communities. It is comprised...

The State of Michigan is blessed with the riches of unspoiled nature: the nation’s longest freshwater coastline, lakes that feel like...

With long periods of Thailand’s History, according to evidences and studies, Sukhothai was the first kingdom of Thailand. At that time, an early Thai...