Etihad sees 29% rev growth, cargo up 16%
Etihad Airways, the national airline of the United Arab Emirates (UAE), today reported total revenues of US$1.8 billion for the third quarter of 2014, an impressive increase of 29 per cent year-on-year, achieved on the back of accelerated passenger and cargo growth during the summer.
November 10, 2014
Etihad Airways, the national airline of the United Arab Emirates (UAE), today reported total revenues of US$1.8 billion for the third quarter of 2014, an impressive increase of 29 per cent year-on-year, achieved on the back of accelerated passenger and cargo growth during the summer. Cargo revenue was US$284 million in the third quarter of 2014, a year-on-year increase of 16 per cent. Etihad Cargo also outperformed the global market, carrying 144,498 tonnes of freight and mail during the third quarter, a year-on-year increase of nine per cent, on only one per cent capacity growth. Etihad Cargo remains on track to become a billion dollar business in 2014, having reported US$804 million in revenue during the fi rst three quarters of the year. In the third quarter of 2014, Etihad Cargo optimised scheduling and connections globally, launched new freighter services to Moscow and Hanoi, increased frequencies on its existing freighter route to Milan, and deployed a new A330-200 Freighter. A specialist equine service was also unveiled for the transportation of horses and other similar species by air. Th e ‘SkyStables’ service is being rolled-out across Etihad Cargo’s scheduled network of 44 freighter destinations, with personalised charter services available to other cities around the world. A total of 3.9 million passengers travelled with Etihad Airways between July and September this year, 30 per cent higher than the three million passengers from the same period in 2013. Th e growth in passenger demand and revenue during the three month period once again outstripped the airline’s capacity increase, highlighting the strength of its long-term growth strategy. Etihad Airways remains on track to achieve its strongest ever, annual results, having carried 10.5 million passengers and almost 415,000 tonnes of cargo between January and September 2014. James Hogan, president and CEO of Etihad Airways, said: “Our focus on organic growth, codeshare partnerships and minority investments in other airlines has continued to produce strong results, despite the prevalence of industry challenges such as volatile oil prices, economic and political instability, overcapacity in the market, and access constraints. We are confident about sustaining our profitability in 2014 and there are a number of important milestones in the final quarter, including the entry into service of Etihad Airways’ ground-breaking Airbus A380 and Boeing 787-9 Dreamliner in our striking new livery.”