UAE’s Etihad Airways swung to a record profit in the first half (H1) of 2022, citing a strong rebound in passenger travel demand, growth in cargo revenue, and lifting of domestic Covid-19 curbs.
Despite a 60 percent increase in fuel prices compared to the same period last year, Etihad recorded a record profit in the core operating business of $296 million, compared to a loss of $392 million in H1 2021.
According to the Emirates News Agency (WAM), Etihad Airways transported 4.02 million passengers in H1 2022, compared to approximately 980,000 passengers during the same period in 2021, with a 75 percent per seat occupancy factor.
The average number of seats filled rose 21.9 percentage points year-on-year to 75 percent as demand recovered and Abu Dhabi further relaxed pandemic-related restrictions.
In terms of network capacity, it amounted to 24 billion seats available per kilometer in H1 2022, a 46 percent increase over H1 2021, with the carrier flying from Abu Dhabi to 71 passenger and cargo destinations in 45 countries.
Earlier this year, Etihad launched flights to five summer destinations, including seasonal flights to Heraklion on the Greek island of Crete and Nice, France.
The company delivered a strong performance in freight operations, with freight tonnage increasing by 44 percent year on year in H1 2022, and freight revenue increasing by 56 percent year on year.