Etihad Airways, the national carrier of theUnited Arab Emirates, today reported a full year EBIT of US$137 million, on revenues up 36.0 per cent to US$4.1 billion (2010: US$2.98 billion).

The results included earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of US$648 million, with a net profit of US$14 million. The record result exceeded the airline’s 2011 target, which was to break even.

James Hogan, President and Chief Executive Officer of Etihad Airways, said: “This is an historic day for Etihad Airways and an amazing achievement for an airline just eight years old. Five years ago we said we would be profitable by 2011.  Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered. The mandate from our shareholder was to create an airline that is best in class, operates to the highest safety standards, and makes money – and we have achieved this mandate. Now, we move into the next phase of our development whereby we deliver consistent, sustainable profitability. Given the challenges faced by the industry, our combination of revenue growth and entry into profitability must be one of the best results of any airline in 2011. And we will aim for strong growth and profits again in 2012, with a passenger traffic target of 10 million”. Mr Hogan said.

Highlights of the 2011 result included:

• 8.3 million passengers, up 17 per cent on 2010 (7.1 million);
• An average seat factor of 75.8 per cent, nearly two percentage points higher than 2010 (74.0 per cent);
• Growth of available seat kilometres from 45.2 billion (2010) to 51.0 billion, up 13.0 per cent;
• The addition of five new routes –Bangalore, theMaldives, theSeychelles,Chengduand Düsseldorf;
• Etihad Crystal Cargo revenues up 25.7 per cent to US$651 million (US$518 million) on tonnage up 17.8 per cent to 310,188 tonnes (263,313 tonnes);
• An increase in total aircraft departures, from 57,534 to 62,735, with a technical dispatch reliability of 99 per cent; and
• Eight new codeshare agreements, taking Etihad Airways’ codeshare partners to 35 airlines, which increased its worldwide network to 259 destinations – more than any otherMiddle Eastair carrier.

At the end of 2011, the company had 9,038 employees, up 15.1 per cent on 2010 (7,855), with more than 120 nationalities represented.  Etihad Airways’ successful Emiratisation scheme continued, with Emiratis now making up 18 per cent of the headquarters workforce.

“We have developed an extensive network across five continents, with the world’s youngest fleet of aircraft. We are investing heavily in new routes, and infrastructure,” said Mr Hogan.  “In 2012, we will add seven aircraft and extend our network. In January, we commenced operations toTripoli, and Shanghai, Nairobi and Lagos will follow”.

Etihad Airways ordered 100 new aircraft and 105 options and purchase rights at the 2008 Farnborough Air Show.  This gives flexibility in its network growth, enabling it to meet passenger demand over the next 10 years.  To date, Etihad Airways has raised US$5 billion in external fleet financing, through a portfolio of 41 different financial institutions.

Etihad Airways’ accounts are audited by KPMG.