After a painful four years of deep cost cuts and restructuring at Etihad Airways following the expensive failure of its government-funded effort to build a world-leading airline, CEO Tony Douglas finally has something to boast about.
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Etihad says it logged a record core operating profit for its first half of almost $296 million, breaking a streak of $7.8 billion in reported losses going back to 2016. Douglas says the rest of the year is shaping up well and he’s not worried about a slowdown of pandemic “revenge tourism” any time soon.
What’s left is what Douglas describes as a leaner, middle-size airline that can nimbly move its smaller fleet around opportunistically to meet seasonal demand, and that has pulled back from the trap of serving marquee destinations that were unprofitable for it much of the year, like San Francisco, Dallas and Edinburgh. This summer Etihad has launched temporary service from Abu Dhabi to vacation hotspots like the Greek islands of Mykonos and Santorini; Malaga, Spain; and Zanzibar.
Through 2019, Abu Dhabi’s total investment in Etihad amounted to about $22 billion, the airline disclosed to potential investors in a bond offering, according toIt’s unclear how much additional state support during the pandemic has underwritten Etihad’s restructuring efforts and contributed to its first-half core operating profit, but in 2021 Fitch Ratings said that its confidence that Abu Dhabi would continue to pump money into the airline was the main driver in a decision to maintain its ‘A’...
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