Profits at Etihad Airways grew last year as passenger numbers surged by 40% to 14 million over 2022.

The UAE carrier’s net profit was up to $143 million in 2023 from $25 million.

This came as passenger revenue increased by $1.1 billion to $4.5 billion.

The rise in carryings underlined “continued robust demand” for travel across the airline’s growing network, with an overall load factor of 86%, compared to 82% in 2022.  

Total revenue reached $5.5 billion in the year ended December 31, up from $5 billion in 2022.

Capacity in the year grew by 30% as 14 aircraft joined the fleet and 15 new destinations were added from Etihad’s Abu Dhabi hub, including Lisbon, Copenhagen, Kolkata and Osaka, to give a total of 72.

The airline also strengthened its balance sheet by reducing net debt through strong cash-flow generation and controlled expenditure supported by improving utilisation and re-activating previously parked aircraft.

Etihad’s performance in 2023 follows a reorganisation to focus on the core airline offering by divesting ancillary support services and businesses; restructuring the fleet to focus on the most efficient and advanced aircraft; streamlining and rationalising its destination network; and increasing focus on productivity and cost savings.

The passenger widebody fleet comprised 78% new generation aircraft, underscoring a dedication to operational efficiency and contributing to reduced emission targets.

Chairman Mohammed Ali Al Shorafa said: “I am confident we will continue to build on this solid foundation as we grow our network, enhance our offering and connect even more people with Abu Dhabi as we support and promote the Emirate’s tourism ambitions, delivering our vision to be the airline that everyone wants to fly.”

Chief executive Antonoaldo Neves said: “Following our strong performance in 2023, in which we achieved $394 million operating result and a net profit of $143 million, our task at hand is to further strengthen our business as we continue our growth strategy and pursue further margin expansion opportunities.

“Looking forward, we will continue to deliver on the mandate of our shareholder, which is to be a financially viable airline delivering extraordinary customer experiences.”