Etihad Airways, the national carrier of the United Arab Emirates, recorded an annual loss of $870 million for 2019 – a 55 per cent improvement on the $1.87 billion net loss recorded in 2016 when the airline crashed into the red after a disastrous equity investment scheme and rapid expansion quickly unravelled. The airline said its performance for 2019 outstripped its original internal forecasts.
“There’s still some way to go but progress made in 2019, and cumulatively since 2017, has instilled in us a renewed vigour and determination to push ahead and implement the changes needed to continue this positive trajectory,” commented Tony Douglas the chief executive of the Etihad Airways Group.
The airline reported revenues of $5.6 billion and carried 17.5 million passengers in the 12-months from January to December 2019 – both slightly down on the number reported in 2018. Passenger capacity (ASK) dropped by 6 per cent, while passenger revenues also dropped slightly.
These figures reflect Etihad’s strategy of consolidation and optimising its route network and fleet. Passenger load factor improved by over 2 per cent and yields increased by 1 per cent.
“The major improvement in 2019 clearly demonstrates that we’re on the right track,” continued Douglas.
“As part of our transformation programme, we’ve made some tough decisions to ensure we continue to grow as a sustainable global aviation enterprise,” he continued.
