Etihad Airways Reports Significant Profit Increase

DUBAI (Reuters) – Abu Dhabi carrier Etihad Airways reported a 66% increase in net profit in the first nine months of the year, aided by a double-digit rise in passenger traffic.

The state-owned airline achieved 1.4 billion dirhams ($381 million) by Sept. 30, compared to 814 million dirhams in the same period a year prior.

Total revenue increased 21% to 18.4 billion dirhams, with the airline transporting 13.6 million passengers, marking a 35% increase year-over-year. Etihad has also expanded its flights and added 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 Chief Executive Antonoaldo Neves in a statement.

According to Reuters calculations, Etihad recorded a profit of 549 million dirhams for the third quarter ending Sept. 30, with revenues reaching 6.7 billion dirhams.

Etihad's owner, the Abu Dhabi sovereign fund ADQ, is reportedly considering an initial public offering of the airline next year, sources told Reuters.

> ($1 = 3.6729 UAE dirham)