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Etihad announced revenues of $ 5.86 billion in 2018 as a result of the company’s market share in high-yielding markets, rationalization of cost base and improved cash flow, reflecting a 15% improvement in core operating performance.
This came at a press conference held at the company’s headquarters in Abu Dhabi to announce the financial results for the year 2018 in the presence of Tony Douglas, CEO of Etihad Airways and a number of officials at the company.
The company achieved a 3% cost reduction despite a 31% increase in fuel prices and a 4% increase in passenger return rates thanks to optimal rationalization of capacity, network and fleet.
Cargo revenue was $ 827 million, with 682,100 tons transported in 2018, while 17.8 million passengers moved last year with a seat rate of 76.4 percent.
Etihad Airways also plans to introduce smart seats with enhanced comfort levels and Internet technologies that enable the viewing of high-definition content on its fleet of Airbus A320 and A321 for short-haul flights during the second quarter of this year.
Etihad received eight new aircraft last year, including three Boeing 787-9s, four Boeing 787-10s and a Boeing 777-200 cargo. By the end of 2018, the airline had a total fleet of 106 aircraft with an average fleet life of 5.7 years.
In terms of destinations, Etihad added both Baku and Barcelona to its global destinations in 2018, with both destinations performing better than expected.
The airline has also increased the number of flights to destinations including Toronto, which has grown from three to five flights a week, with flights increasing to two daily flights to Amman and Rome, and 11 flights per week to Maldives in the Maldives.
Etihad Airways has continued to partner with airlines and other carriers over the past year, including Saudi Airlines, Azeri Airlines, Swiss International Airlines and Axis Real, bringing the number of partners to 55 with code.
Etihad has expanded its reach to more than 400 destinations worldwide by sharing its EY code on 18,513 flights per week beyond its direct route network.
Etihad has recorded flight schedules and time-on-time performance at 82 per cent for flight departures and 84 per cent for airline arrivals in 2018, which puts the airline among the most reliable and disciplined airlines on the world’s flight schedule. Along its route network, Etihad Airways has completed 99.7% of scheduled flights during 2018.
The UAE’s skilled workforce continued to develop by the end of 2018. The total number of Emirati employees was 2,525 nationals and 12 per cent of Etihad Airways’ total workforce of 21,855.
“During 2018, we continued to make steady progress in transforming our business base by streamlining our cost base, improving our cash flows and enhancing our balance sheet,” said Etihad Airways Chief Executive Tony Douglas.
“We continue to play a key role in enhancing the trade and tourism movement to and from Abu Dhabi, which further enhances the continued success of our home in Abu Dhabi,” he added.
