Etihad Airways, the national airline of the United Arab Emirates, today announced its strongest annual financial results to date, with a net profit of US$ 103 million on total revenues of US$ 9.02 billion.
- Net profit of US$ 103 million for 2015
- Total revenue of US$ 9.02 billion on back of increased passenger and cargo volumes
- Passenger volume continues to grow faster than capacity, outpacing regional growth
- Equity strategy delivers success in network, revenue growth and economies of scale
- Partnership revenues up to US$ 1.4 billion, delivering five million passengers onto Etihad Airways network
- Growth across group’s business streams, including cargo, MRO, catering and ground handling, and frequent flier programme
The performance, which marked the airline’s fifth consecutive year of net profitability, also saw earnings before interest and tax (EBIT) of US$ 259 million, and earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of US$ 1.4 billion, representing 16 per cent of total revenues.
James Hogan, Etihad Airways President and Chief Executive Officer, said:
“Our mandate is to build a sustainably profitable airline. A fifth year of net profits, with our best annual financial performance to date, shows that we are delivering against that goal.
“Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships.
“As well as operating profitability, we are building enterprise value across the airline and its many additional business streams.”
Etihad Airways’ financial statements are audited by Deloitte and are in accordance with International Financial Reporting Standards (IFRS).