Etihad Airways Reports Full Year 2021 Operating Loss of $476 Million
Etihad Airways has reported a full year 2021 operating loss of $476 million, compared to a loss of $1.70 billion for 2020. Total 2021 passenger revenue declined 14 percent to $1.07 billion, while cargo revenues increased year-over-year by 49 percent to $1.73 billion.
On Tuesday (March 1, 2022), Etihad Airways reported their full year 2021 financial results for the period ending December 31, 2021. The carrier reported a 2021 operating loss of $476 million, a 72 percent improvement over a loss of $1.70 billion for 2020. Passenger revenues declined 14 percent year-over-year to 1.07 billion, while cargo revenues increased 49 percent to a record $1.73 billion. During 2021, Etihad Airways carried 3.5 million passengers with an average load factor of 39.6 percent, with load factors doubling in the second half of the year, reaching 70.1 percent in December 2021.
In Tuesday’s announcement, Etihad Airways Group’s Chief Executive Officer, Tony Douglas, said,
“In another year of global uncertainty, Etihad Airways has continued to move forward, strengthen its business, and build on its world-class travel proposition. As always, this has been thanks to our remarkable people who have gone above and beyond to make the most of every opportunity. Despite the slowdown caused by Omicron, we are confident that the spring and summer season will continue to see a resurgence in travel as more people return to the skies.
“We look forward to our guests being able to experience our state-of-the-art Airbus A350s when they debut later this year, taking pride of place alongside our Boeing 787s. With one of the most fuel-efficient fleets in the world and with sustainability at the very top of our agenda, we will continue to pave the way for more sustainable flying in 2022 and beyond.”
Etihad Airways’ joint venture, Air Arabia Abu Dhabi, the first LCC in Abu Dhabi, continued to grow in 2021 with the launch of seven new destinations, expanding their network to 15 destinations by the end of the year.
Etihad Airways operates an extensive network across major cities in Asia, Australasia, Europe, the Middle East and the Americas. The carrier’s network grew 28 percent in 2021, from 50 destinations to up to 64 during the peak summer season. At December 31, 2021, Etihad’s fleet consisted of 67 aircraft including five dedicated freighters, with an average age of 5.7 years. The backbone of the carrier’s fleet is the Boeing 787 Dreamliner, of which Etihad is one of the largest operators in the world with a total of 39 787-9s and 787-10s. The airline is also preparing to introduce Airbus A350s to their fleet, with the first aircraft arriving during the second quarter of 2022.
During 2021, in addition to year-round service to Tel Aviv and Vienna, Etihad introduced seasonal service to popular leisure destinations including Malaga, Mykonos and Santorini. The carrier also continued to build their codeshare network in 2021 with the expansion of agreements with Gulf Air and a new partnership with El Al. At the end of the year, Etihad had 50 active codeshare partnerships, expanding their global reach to over 400 cities.
Source: Etihad Airways