Etihad Airways, the Abu Dhabi-based airline, reported a 66% rise in net profit for the first nine months of the year, bolstered by strong growth in passenger numbers. The carrier earned AED1.4 billion ($381 million) by September 30, up from AED814 million during the same period last year.
The airline’s total revenue climbed 21% to AED18.4 billion as passenger numbers reached 13.6 million, marking a 35% year-on-year increase, Etihad announced on Thursday. The airline attributed the growth to an expanded network of flights and new routes.
“This impressive growth is driven by strong results in both passenger and cargo revenues, underscoring the effectiveness of our strategy and the strength of our growth trajectory,” said Etihad CEO Antonoaldo Neves.
In the third quarter alone, Etihad achieved AED549 million in profit and AED6.7 billion in revenue, according to Reuters estimates.
Backed by Abu Dhabi’s sovereign wealth fund ADQ, Etihad may soon be exploring new growth avenues. Sources have indicated that an initial public offering (IPO) for the airline could be on the horizon as early as next year.
