Etihad Airways (EY, Abu Dhabi International) is looking for an investor willing to take up to a 20% stake in the airline, Reuters reported citing unnamed sources familiar with the matter. The company could raise USD1 billion in its initial public offering (IPO) and would be the first Gulf carrier to go public in 17 years.
Etihad Airways would list this year and is targeting both domestic and international investors. It could go public as early as the first quarter of 2025. The current full owner of Etihad Airways is Abu Dhabi sovereign wealth fund ADQ.
Etihad Airways announced this week its "highest-ever" annual profit, AED1.7 billion dirhams (USD476 million) for 2024, and improved other financial parameters. The company saw a 32% rise in passenger numbers, from 14 million in 2023 to 18.5 million in 2024. It recorded revenue of USD6.8 billion, up from USD5.5 billion the previous year, and EBITDA soared 32% year-on-year to USD1.3 billion. The passenger load factor reached 87%.
Other airlines in the region may also soon change their respective ownership structures, according to Reuters. Saudi Arabia's flynas could be listed on the market in 2025, while Qatar Airways is reportedly mulling a listing by the end of the decade.
The last airline in the region to list on the stock market was Kuwait's Jazeera Airways in 2008.
