Etihad posts fourth consecutive year of profit
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Etihad Airways achieved its strongest financial results to date in 2014, posting a net profit of US $73 million on total revenues of $7.6 billion, up 52.1% and 26.7% respectively over the previous year.
The record performance, which marked the airline’s fourth consecutive year of net profitability, also saw earnings before interest and tax (EBIT) up 32.5% to $257 million. Earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) were up 16.2% to $1.1 billion, representing a 15% margin on total revenues.
James Hogan, president and chief executive officer of Etihad Airways, said the company’s shareholder “has set a clear commercial mandate for this business and we continue to deliver against that mandate”.
“Our focus is on sustainable profitability and our fourth year of net profits, at a time when we continue to invest in the new routes, new aircraft, new product and new infrastructure needed to compete effectively, shows we are serious about that goal,” he continued.
“Our performance in 2014 has cemented Etihad Airways’ position as a best-in-class, profitable and self-sustaining international airline.
“We have continued to grow, not just in size, reputation and performance, but also in maturity, evolving from an airline to a diverse global aviation and tourism group.”
He said added the results had been achieved through a “unique strategy that combines industry-leading organic growth with wide-ranging partnerships and minority equity investments in other airlines around the world”.
Etihad Airways’ financial statements are audited by KPMG and are in accordance with International Financial Reporting Standards (IFRS).
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