Etihad Airways expects turnaround in profitability in 2023

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After reducing losses by $ 870 million in 2019

Source: Dubai – Arabic.net

Tony Douglas, CEO of Etihad Aviation Group, expected the company to turn in profitability in 2023 as part of the company’s business transformation program since 2017, which is a key factor in achieving this positive performance.

And revealed, during a press conference held yesterday, Thursday, recorded a positive improvement in its main operations by 32%, with revenues reaching $ 5.6 billion in 2019, while achieving an increase in the cumulative performance rate of major business by 55% since 2017.

Douglas indicated that the company was able to reduce total operating expenses due to the trend of fuel prices and funding expenditures remained constant despite the entry of new aircraft to the fleet, and we were able to raise the rate of return and the seat occupancy rate, despite the decrease in passenger revenues.

He explained that despite the challenges witnessed by the global travel markets, the company managed to reduce losses by $ 870 million, with seat occupancy increasing by 78.7% and transporting 17.5 million passengers, and reducing passenger capacity by 6%, indicating that the positive results achieved by the company since 2017 and reducing the margin of loss and achieving accomplishments that exceed expectations, lead us to insist on continuing to take the necessary steps that ensure the implementation of the targeted plans and the way forward in achieving the goals of the business transformation program.

He pointed out that at the end of 2019, the company had 101 aircraft, consisting of 95 passenger aircraft and 6 cargo planes with an average lifespan of 5.3 years, while the number of company destinations reached 76 destinations, and the company has increased the number of regular flights to the main destinations that include increasing its flights To London Heathrow to 4 daily flights and increase the number of flights to Riyadh, Delhi and Mumbai.

The CEO of Etihad Aviation Group expected that Air Arabia Abu Dhabi to start its operations in the second quarter of this year, starting in May, with the aim of offering various options to meet the growing demand for economic travel in the region and achieve harmony with the network of global destinations for Etihad Airways, explaining that The airline will go to new destinations and there is no competition between it and Etihad Airways.



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