Etihad sees cargo revenue rise in 2014

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Etihad Airways has seen cargo revenue increase by 19.2 per cent to $1.1 billion in 2014, with net profit rising by 52.1 per cent to $73 million.

Revenue from Etihad Cargo rose from $920 million in 2013, with freight and mail volumes increasing by 16.8 per cent from 487,000 tonnes in 2013 to 569,000 tonnes in 2014.

Net profit increased from $48 million in 2013 to $73 million in 2014. Total revenue for the airline increased by 26.7 per cent from $6 billion in 2013 to $7.6 billion in 2014.

Etihad Airways president and chief executive officer, James Hogan says: “Etihad Cargo has consistently outperformed the global market. Its impressive 17 per cent growth in freight tonne kilometres in 2014 is four times the industry average.

“We are forecasting significant growth for 2015, driven by key initiatives to expand its capacity and scope.”

The airline says it has added 21 aircraft to its fleet in 2014, bringing its total to 110, including its first Boeing 787-9 Dreamliner and Airbus A380 and one Airbus A330-200 Freighter.

In 2014, the airline received approval to take a 49 per cent investment in Air Serbia and it spend 560 million euros on a 49 per cent shareholding in new Alitalia.

Etihad also increased its stake in Aer Lingus to 4.99 per cent and in Virgin Australia to 22.9 per cent.

Hogan says 2014 was a strong year despite challenges, accusing Europe and the US of protectionism. Hogan explains they “threaten to damage the significant progress that our airline has made”.