{"id":77239,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/07\/etihad-reports-a-fy2023-5x-net-income-increase-as-it-eyes-a-potential-ipo\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"etihad-reports-a-fy2023-5x-net-income-increase-as-it-eyes-a-potential-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/07\/etihad-reports-a-fy2023-5x-net-income-increase-as-it-eyes-a-potential-ipo\/","title":{"rendered":"Etihad reports a FY2023 5x net income increase as it eyes a potential IPO"},"content":{"rendered":"

Etihad posts stellar earnings, says it\u2019s preparing for a potential IPO: <\/strong>National airline Etihad Airways<\/a> saw its net income increase almost fivefold in 2023, as the airline looks to boost profitability to prepare itself in the likelihood of a potential IPO. Net income rose to AED 525 mn, up 470% y-o-y, the ADQ-owned carrier said in a statement<\/a>. <\/p>\n

Etihad posted an 11% y-o-y jump in total revenues to AED 20.3 bn in 2023<\/strong>, with passenger revenue growing by AED 4 bn to AED 16.7 bn. Etihad attributed the robust performance to a 40% y-o-y increase in passenger numbers to 14 mn.<\/p>\n

Refresher: <\/strong>Bloomberg<\/a> recently reported that ADQ is considering listing Etihad on the public market. The wealth fund reportedly held talks with banks for a potential offering that could be \u201cas soon as this year,\u201d with the specific timing and size of the offering still undecided. The business information service said ADQ is eyeing going after both a traditional IPO and direct listing.<\/p>\n

It will happen \u201cwhenever the shareholder believes it is the right time<\/strong>,\u201d<\/strong> Neves told CNBC (watch, runtime 4:36)<\/a> on Tuesday, saying he cannot confirm whether the company is currently planning an IPO. The airline is focusing on improving its governance \u201cso that profitability is at the level that the shareholder can decide to IPO or not to IPO\u2026 we are putting a lot of effort in place so that the company can be compared to any other company that is listed.\u201d <\/p>\n

Background:<\/strong> ADQ was transferred full ownership of Etihad from the Supreme Council for Financial and Economic Affairs back in October 2022<\/a>.<\/p>\n

Looking ahead, the carrier is expecting 25-30% revenue growth in 2024<\/strong>,with plans to cut USD 100-150 mn in cost cuts, Neves said. Etihad also targets increasing its passenger numbers to 33 mn by 2023 and doubling its fleet to over 160 aircraft.<\/p>\n

The story was covered by other international outlets. <\/strong>Reuters<\/a> | Bloomberg<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

A 40% increase in passenger numbers drove revenue 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