Etihad 2023 cargo revenue down 38%

Etihad Airways reported a 38 percent decline in cargo revenue at $914 million compared to $1.5 billion in 2022, "mirroring the overall cooling in global cargo rates."

While operating result was up 15 percent at $394 million, net profit increased to $143 million in 2023 from $25 million in 2022 (excluding Covid-related grant).

Cargo carried was almost flat at 578.7K (leg tonnes) compared to 581.5K in 2022.

Etihad reported total revenue of $5.5 billion compared to $5 billion in 2022, an increase of 11 percent. Operating result was $394 million, driven by $1.1 billion year-on-year growth in passenger revenue.

"The airline carried 14 million passengers last year, up ~40 percent from the year before, underlining continued robust demand for travel across its growing network with an overall load factor of 86 percent compared to 82 per cent in 2022. Through 2023, the airline launched 15 new destinations including Lisbon, Copenhagen, Kolkata and Osaka, and grew its operating fleet by 14 aircraft."

Antonoaldo Neves, Chief Executive Officer, Etihad Airways says: “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.

The execution capability of the Etihad team is outstanding, and it’s thanks to their relentless hard work that we have been able to achieve these results. I am confident we have the best team in the world. This accomplishment underscores our commitment to sustainable, profitable growth, robust cost control and operational efficiency.

“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.”

Etihad hired over 2,300 new employees, primarily pilots and cabin crew, and transferred Abu Dhabi hub operations to state-of-the-art Zayed International Airport in 2023.