Etihad Cargo’s Vice President Commercial Tim Isik has welcomed record-breaking results for the first half of 2022.
“2022 has presented a fresh set of challenges, including restrictions in China resulting from the country’s zero-COVID policy, which caused disruptions to the global supply chain, and the ongoing Russia-Ukraine conflict,” Isik told Air Cargo Week. “Despite these challenges, we are pleased to announce that we have posted a 6 percent increase in revenue compared to H1 2021, achieving the best mid-year revenue results in Etihad Cargo’s history.”
Etihad Cargo’s contribution to Etihad Aviation Group’s revenue was 35 per cent and “cargo remains a key pillar in the group’s success for the remainder of the year,” Isik highlighted, with the airline having already carried 295,000 tonnes of freight in the first half of 2022.
The company has also witnessed growth across several of its premium products, having introduced a set of new features and solutions, enabling Etihad Cargo to provide safe and efficient transportation of cargo.
Compared to H1 2021, Etihad Cargo’s dedicated pharmaceutical shipment solution, PharmaLife, increased by 46 percent in the first six months of 2022. Etihad Cargo’s has achieved a 52 percent increase in the movement of live animals, and the performance of SkyStables increased by 137 percent. Revenue from FlyCulture, Etihad’s tailored service for the transportation of valuable paintings, sculptures and musical instruments, increased by 128 percent.
In the first half of 2022, Etihad maintained a Delivered as Promised rate of 86 per cent, a 2 per cent increase compared to our 2021 full-year results, and an 83 per cent freighter On Time Performance (OTP) rate. However, despite these positive results, Isik was clear that the company will not rest, looking “to identify opportunities for growth and enhanced service delivery.”
With the return of passenger flows, Etihad Cargo reconfigured the last Boing 777 with cargo-in-cabin back to their original state at the end of July 2022. “The five cargo-in-cabin aircraft contributed greatly to supporting our customers, providing the necessary capacity on key trade lanes,” Isik said. Over the past 18 months, the five reconfigured aircraft carried over 70,000 tonnes of cargo and generating a total revenue of over US$300 million.
To meet the increased demand and ensure customers’ capacity requirements are met, Etihad Cargo has signed an letter of intent with Airbus for five A350s, a new addition to its existing fleet, which currently comprises five Boeing 777 freighters, seven Boeing 777s, 40 Boeing 787s, 14 Airbus A320s and five Airbus A350s, with more 787s joining the fleet in 2022. Additional capacity through the complete conversion of Boeing 777s is another opportunity that Etihad Cargo is exploring in partnership with Etihad Engineering.