Despite rising fuel costs, Etihad reported a record core operating profit during the first half of the year.

In a statement, the Abu Dhabi-based airline recently reported a core operating profit for H1 2022 of USD $296 million – compared to the USD $392 million loss during the same time period in the previous year (2021).

Etihad added the results were achieved despite fuel costs rising by around 60% compared to the same period last year.

During H1 2022, Etihad reported it carried 4.02 million passengers – over 3 million more compared to the same time period the year prior – with an average seat load factor of 75%. Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered.

With Etihad operating flights to 71 passenger and cargo destinations across 45 countries, the airline reported a network capacity during H1 2022 of around 24 billion AKSs (Available Seat Kilometers) – 46% more compared to the previous year (H1 2021: 16.4 billion).

"Thanks to our transformation programme, Etihad is emerging from the pandemic stronger than ever, with a world-class fleet, an unmatched customer proposition and sustainability woven into every fibre of our business,” said Etihad Group Chief Executive Tony Douglas.

Financial and Loyalty Related Highlights

During the first six months of the year, Etihad reported its passenger revenues tripled from USD $320 million (H1 2021) to around USD $1.25 billion (H1 2022).

Etihad also reported a 6% increase in cargo operation revenues to around USD $802 million.

The airline also reported a record for new member acquisitions for its Etihad Guest loyalty program bring its membership to around 7.95 million members globally. Flight redemptions increased by 15% during the first half of the year compared to pre-pandemic levels in 2019.

"Our transformation programme has made Etihad substantially more resilient and efficient, and we are extremely proud of our return to profitability in the first half of 2022,” said Etihad Group Chief Financial Officer Adam Boukadida

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