Abu Dhabi's Etihad Airways posted a record profit in the first half of the year, driven by soaring demand, with future plans including the possible use of cryptocurrencies for payment as it looks to grow passenger traffic.
Net profit after tax in the period ended June rose by 32 per cent to Dh1.1 billion ($300 million), Etihad said on Wednesday. Revenue grew by 16 per cent annually to more than Dh13.5 billion, driven by a 16 per cent rise in passenger revenue to Dh11.29 billion. Cargo revenue also rose by 9 per cent annually during the six-month period.
Earnings before interest, taxes, depreciation and amortisation – a key metric for profitability – increased by nearly a quarter year on year to Dh2.7 billion.
The UAE carrier's operations have remained robust despite the uncertainty brought about by the sweeping tariffs from the US, reflected by its record performance in the first half of this year, chief executive Antonoaldo Neves told reporters.
“We have a very strong network, so the fact that we are delivering these results is a clear proof that the global economy is actually helping us,” Mr Neves told The National at a media round-table.
Etihad's network stood at 88 destinations as of June, with 27 new routes launched or announced in the last 12 months, including year-round and seasonal services.
The airline carried 10.2 million passengers in the first half, a 17 per cent annual increase, with passenger load factor improving to 87 per cent. The airline aims to carry 21.5 million passengers this year.
Mr Neves floated the possibility of this growing to 24 million or 25 million for 2026. In July, Mr Neves told The National that the airline was revising its growth targets upwards to carry 38 million passengers by 2030, from a previous goal of 33 million. Etihad carried 18.5 million passengers last year.
The airline's operating fleet exceeded 100 aircraft, and in July, it took delivery of its first Airbus A321LR, with the aircraft marking its inaugural flight last month to Phuket. As part of its expansion plans, the airline also placed an order in May for 28 Boeing wide-body aircraft, a mix of 787s and 777Xs, during US President Donald Trump's visit to Abu Dhabi.
In the January to June period, Etihad also hired more than 1,700 new employees, including more than 100 pilots and 1,000 cabin crew.
“We only see good things in spite of any global or geopolitical discussions that are going on for a very simple reason: we don't rely in any specific market,” Mr Neves said.
“We have regions that are stronger, regions that are not as strong, but one compensates for the other, and that's going to come again in two or three years; we have the ability to manoeuvre through any kind of seasonality or cyclical challenges that we face,” he added.
Mr Neves also said an initial public offering would be a “shareholders' decision”.
Crypto taking off
As part of its growth plans, Etihad plans to add cryptocurrencies as a payment option in the future, investing “a lot” in technology to close gaps in payment structures, Mr Neves said. However, the company wants to ensure that the right infrastructure is in place in the markets it serves.
“The short answer is, yes, we're going to be doing that … I believe that in the very short term, we're going to be also accepting other currencies, including Bitcoin and other cryptos,” he said.
“We need to make sure that we have the local systems in the different countries that we fly to, so that people can process their [payments] in the different local acquiring networks across the globe.”
That comes as Dubai's Emirates, along with Dubai Duty Free, in July signed an initial agreement with Crypto.com to allow customers to pay through the trading platform's payment service.
“Bitcoin and cryptos are just another currency that we need to add to our portfolio. But this is not to say we want to take the risk of holding those currencies,” Mr Neves said. “If we do, we're probably going to swap those currencies immediately. Not because the currency is going to appreciate and depreciate, but this is not our business.”
In cryptocurrencies, swapping is done for several reasons, including taking profits, avoiding market volatility, minimising taxable situations, or diversifying portfolios, according to French crypto and cyber security company Ledger.
“Our business is not to speculate on currency evaluation or depreciation. So like we do with any other currency … we try to make sure that the sooner we can we convert that into either dollars or dirhams … we're protected from currency devaluation,” Mr Neves said.
“It's not the top priority for us right now, but it's natural … to accept more currency types as means of payment.”
Etihad is also not ruling out using Elon Musk's Starlink satellite internet services for its on-board Wi-Fi, but Mr Neves noted that there are other available options in the market to choose from.
“We're working very hard with that objective to provide our customers with 100Mbps in spite of the provider in about two to three years,” he said, referring to the speed touted by the service under SpaceX.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Napoleon
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The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
KILLING OF QASSEM SULEIMANI
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The%20specs
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
COMPANY%20PROFILE%20
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Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
THE%20SPECS
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Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
