Rasha Tabila (Abu Dhabi)

Etihad Airways is expected to turn a profit in 2023 based on the positive indicators it achieved at the end of last year and the beginning of this year, said Adam Boukadida, CEO of Etihad Aviation Group. Still on the right track to make a profit next year.

This comes after Etihad Airways announced its financial performance and business results for 2021, which saw a strong recovery in passenger operations, significant improvement in financial performance, and operating losses reduced to $ 476 million ($ 1.70 billion compared to losses for the year). 2020).

“We continue to implement the transformation strategy that has contributed to the company’s annual improvement in performance prior to the outbreak,” Boukadida said in a press conference yesterday on the sidelines of Etihad Airways’ Financial Performance Announcement for 2021.

Boukadida added: “Our performance results in 2021 not only ensure a return to the right track, but also confirm the potential for a return. At the same level as it was.
In dealing with high oil prices, Boukadida stressed: “We are still relying on hedging policy. At this point in time, we offer a level of protection for ourselves and our customers, such as fuel prices and exchange rates, based on market prices, and foreign currencies have seen clear fluctuations. In line with the policies, we continued to do so in 2021 and 2022, so we now pursue a comfortable positive security policy.
He stressed, “We implemented this policy last year, especially at the end of the year.
The company carried 3.5 million passengers last year, with an average seating capacity of 39.6%. The number of passengers doubled in the second half of last year, reaching 70.1 percent in December, thanks to the peak demand for travel during the winter holidays. The company recorded a strong increase in passenger numbers in the fourth quarter of last year, following the easing of requirements and mandatory isolation periods in the Emirate of Abu Dhabi.

With an average of 37.21 billion seats per kilometer, the company’s targets have reached 71 passenger and cargo seats in 47 countries worldwide. The company is set to resume or resume operations at 13 locations by 2021, including the launch of scheduled flights between the United Arab Emirates and Israel.

In terms of passenger revenue, Etihad Airways recorded $ 1.07 billion in 2021, with passenger revenue recovering in the fourth quarter of the year, up about 50 per cent in December compared to the same period in 2019, despite the negative impact imposed by travel restrictions. Origin of new mutants of the corona virus.

Cargo operations exceeded expectations by 2021 with an annual increase of 27% per tonne (729.20 tonnes).
Tony Douglas, Group CEO of Etihad Aviation Group, said: “With another year of uncertainty looming, Etihad Airways continues to strengthen its business and establish itself as a global leader in the travel industry, especially thanks to the commitment of our staff who have made every effort to take advantage of every opportunity available. Despite the recession caused by Omigron mutants, we expect the spring and summer seasons to see significant travel boom, with more and more travelers looking to travel again.

“We look forward to welcoming our guests on board our state-of-the-art Airbus A350, which will be launched later this year and will join our proud Boeing 787 aircraft,” Douglas added.

Etihad Airways continued its interest in controlling costs, which helped reduce operating costs by $ 110 million, although fuel costs increased by $ 197 million as a result of rising oil prices.
By the end of 2021, the company had 12,533,000 employees.
Indirect fixed costs were reduced by 14% ($ 110 million), with a 20% reduction in financial costs (approximately $ 90 million). As a result, the company was able to maintain strong cash flow over the past year.

In general, Etihad Airways recorded a decline in key operating losses to reach $ 476 million in fiscal 2021, an improvement of 72% ($ 1.70 billion) compared to 2020 and a 41% improvement over the period prior to Govt. 19 in 2019 (US $ 802 million). After recording a loss of $ 651 million in 2020, revenue before interest, tax, depreciation and debt repayments increased by more than $ 1 billion to $ 408 million.

Navy and targets

Etihad Airways has a vast network covering several major cities in Asia, Europe, the Middle East, North Africa, North America and Australia, and has seen steady growth in 2021. Travel demand and number of passengers increased by about 28% last year, rising from 50 to 64 in the summer.

Etihad Airways’ fleet consists of 67 aircraft, including 5 cargo aircraft, with an average age of 5.7 years. The Boeing Dreamliner is the backbone of the Navy. Etihad Airways is one of the largest operators of this type of aircraft in the world. The Navy also includes 39 B787-9 and B787-10 aircraft.

The company continued to strengthen its index sharing network by expanding existing partnership agreements with its key partners such as Gulf Air and concluding new partnerships such as its partnership with El Al. By the end of the year, Etihad Airways’ code-sharing partnership had grown to 50, expanding its network to more than 400 cities worldwide.

Etihad Airways is a leader in relief and humanitarian efforts locally, regionally and globally, where the company has launched more than 30 initiatives worldwide, benefiting approximately 230,000 individuals from minority groups, refugees and communities. Natural disasters.

Shipping

Etihad Airways has reached a new milestone in 2021, recording the highest freight revenue in the 18 years since its inception. East, Africa, Europe, Asia and South America.
Pharmaceutical exports using Etihad Airways’ exclusive PharmaLife service increased by 85% year-on-year in 2021, and Etihad Airways became the first airline in the Middle East to receive CEIV accreditation for pharmaceutical services, setting a target between Abu Dhabi and Brussels.

Consistency
Etihad Airways has promised to reduce its emissions to zero by 2050 and will continue to be at the forefront of aviation and airline sustainability until 2021. Thanks to the implementation of new operational plans to achieve diversified sustainability efforts and performance, Etihad Airways was able to reduce its carbon emissions by 5.6% from passenger aircraft by 2021. By 2021, Etihad Airways is one of the leading aviation OEMs to launch comprehensive and CO2 reduction initiatives in the aviation industry Successfully collaborated with the team.