Etihad reports five-fold profit increase on network growth

Etihad Airways PJSC reported a five fold increase in profit as the Abu Dhabi-based carrier expanded its network to tap growing demand for travel. 

The airline posted $143 million profit for 2023, up from $25 million a year earlier, it said in a statement Wednesday. Passenger traffic grew 40% to 14 million, as Etihad expanded its network to destinations including Boston, Copenhagen, Santorini and St Petersburg. 

Etihad, owned by Abu Dhabi wealth fund ADQ, competes for transfer traffic with nearby Dubai’s Emirates and Qatar Airways. It is being considered for a listing as soon as this year, potentially making it the first of the Gulf’s major hub carriers to become publicly-traded, Bloomberg reported this month. 

The airline is working to be ready for an IPO whenever the shareholder decides the time is right, Etihad Chief Executive Officer Antonoaldo Neves said in a CNBC interview on Tuesday. Neves didn’t offer any details or confirmation on a potential IPO, saying that the decision was for ADQ. 

Ownership was transferred to ADQ from Abu Dhabi’s Supreme Council for Financial and Economic Affairs in 2022, part of an effort to boost the sheikhdom’s status as a transport hub.