The result, said Etihad, was achieved despite fuel costs increasing by almost 60% compared with the same period last year when Etihad reported an operating loss of US $392 million for the six months to 30 June 2022.
Etihad carried more than four million passengers during H1 2022, up from just shy of a million last year, on a load factor of 75%, with passenger loads "increasing consistently" during the first six months of the year. It said Abu Dhabi’s decision to further relax its Covid travel restrictions in February contributed to a "strong boost" in passenger volumes.
The Gulf carrier claimed the "record-breaking" results justified its ongoing "transformation" effort, now into its fifth year, which is aiming to make Etihad a more "resilient and efficient" business.
Group chief executive Tony Douglas said: "Thanks to our transformation programme, Etihad is emerging from the pandemic stronger than ever. As air travel came roaring back in 2022, Etihad was there to reconnect our customers. Our focus now is on continuing this momentum into the second half of the year.”
Etihad passenger revenues tripled during H1 from US $320million last year to US $1.25 billion, fuelled by a resumption of both business and leisure travel. Fixed overheads and financial costs, meanwhile, were cut by 9% and 13% respectively to US $29 million and US $22 million.
Chief financial officer Adam Boukadida added: "Our transformation programme has made Etihad substantially more resilient and efficient, and we are extremely proud of our return to profitability.
“While ramping up our operations and recording a four-fold increase in passenger volumes, we kept a tight hold on our cost base. As a result, our operating costs only rose by 26% despite a 46% increase in deployed capacity.
"Our overall operating profit of US$ 296 million is testament to the strength of our business model at Etihad and the improvements we have made to our underlying financial performance over the years.”
