Etihad Airways carried 4.2 million passengers during 2020, and passenger revenues reached $ 1.2 billion, according to the company’s financial and operating results.
Etihad Airways managed to record a strong performance in cargo operations with a 66% increase in revenue, which rose from $ 0.7 billion in 2019 to $ 1.2 billion in 2020 driven by an increase in demand for medical equipment such as personal protective equipment and pharmaceuticals coinciding with the determination of global capacity For air freight, freight revenue saw an improvement of 77%.
Operating costs decreased 39% from $ 5.4 billion in 2019 to $ 3.3 billion in 2020 due to reduced absorptive capacity and volume-related expenditures, as well as a focus on cost containment initiatives.
Public expenditures decreased by 25% to reach $ 0.8 billion from $ 1.0 billion in 2019 within this timeframe despite their stable nature, thanks to liquidity management initiatives, while the financial cost decreased by 23% thanks to the continued focus on restructuring the budget statement.
Tony Douglas, CEO of Etihad Aviation Group, said that “Etihad” was able to stand firmly in the face of the “Corona” crisis, and today it is fully prepared to play a key role as the world returns to travel again.
He added that at a time when no one could have predicted what will happen to the year 2020, our focus on achieving the maximum possible basics of business activities during the past three years has contributed to consolidating the position of the Union to respond decisively to the global crisis.
For his part, Adam Boukadida, Chief Financial Officer, said that Etihad Airways entered 2020 with steady steps and was able to surpass its transformation targets in the first quarter of the same year.
He added that Etihad has managed to maintain liquidity by focusing on controlling costs, maximizing freight returns, enhancing leasing capabilities and providing innovative credit facilities such as the world’s first transfer sukuk related to sustainability. This is supported by Etihad’s maintenance of an “A” Fitch rating.
Jobs and a powerful fleet
The total number of Etihad Airways employees reached 13,587 by the end of 2020, and Etihad received two new Boeing 787 Dreamliners during 2020, bringing the number of its fleet to 103 aircraft, with an average age of only 6.2 years.
The Boeing 787 Dreamliner continues its major role in the Etihad Airways global fleet, which is one of the youngest fleets around the world.
With Etihad Airways owning 39 Dreamliners, it will be the largest operator around the world for this model of high-efficiency aircraft, while the company’s operations in 2020 focused on Boeing 787-9 and 787-10 aircraft due to their range, efficiency and cargo capacity in the belly of the aircraft, while part of the fleet remained. Stopped due to reduced passenger operations.
By the end of 2020, the number of destinations served by the company reached 50 destinations for travelers and 7 destinations for cargo flights from Abu Dhabi, which represents only 35% of its capacity before the Covid pandemic.
With the onset of the pandemic, the Union began conducting special humanitarian flights to provide the necessary medical equipment and materials, including personal protective equipment, respirators, and most recently vaccines, to the affected countries, as the company operated 183 special flights to transport more than 2,500 tons of necessary goods to 129 countries.
In November 2020, the Union joined the coalition of hope, led by Abu Dhabi, to facilitate the procedures for distributing the Covid vaccine around the world, while providing integrated solutions for the supply chain covering demand planning, and the use of world-class sources and facilities to transport heat-sensitive shipments under extremely cold conditions of -80 ° C.