Etihad Airways Could Post Annual Profit for 2022, Ahead of Plan, CEO Says - Bloomberg

Etihad Airways Could Post Annual Profit for 2022, Ahead of Plan, CEO Says - Bloomberg

Etihad Airways turned profitable in the first quarter, according to Chief Executive Officer Tony Douglas, who said it’s possible the Gulf carrier can post positive earnings for all of 2022, one year ahead of schedule.

While the surge in oil prices following Russia’s invasion of Ukraine will raise costs over coming months, earnings should get a further boost in the fourth quarter as demand rises toward the annual peak, Douglas said in an interview Thursday at the CAPA Airline Leader Summit in northwest England.

“Subject to closing the books we’re on for being profitable in Q1, which is fantastic,” the CEO said. “The jury is well and truly out” on whether the Abu Dhabi-based company will remain in the black over the full 12 months, he added. “We targeted it for next year but we’ve got off to a great start this year.”

Etihad has coped better with the coronavirus crisis than many other airlines after a major downsizing from 2017 slashed its cost structure and repositioned the company as a mid-size carrier. The overhaul helped prepare Etihad for the pandemic, Douglas said. The company had racked up billions of dollars in losses under a previous strategy of focusing on inter-continental markets.