Abu Dhabi-based Etihad Airways has posted a net profit of $42m in 2012, an increase of 200 per cent on the previous year’s profits of $14m.

Revenue increased from $4.1bn to $4.8bn in 2012.

The boost in profits has been partly fuelled by rising passenger numbers, with over 10 million passengers using the airline in 2012, rising from 8.4 million passengers in 2011.

Etihad has also benefited from the growing number of equity partnerships and codesharing agreements the airline has signed over the past year. These partnerships contributed more than $600m in total revenue, representing 19 per cent in passenger revenue, and delivered more than 1.2 million passengers onto the Etihad Airways network.

During 2012, Etihad Airways entered into codesharing agreements with Air France-KLM, Saudi Arabia’s Nasair and Garuda Indonesia among others. It has also made or increased equity investments in Air Seychelles, AirBerlin, Virgin Australia and Aer Lingus. 

The airline is positioning itself for further growth, having increased its fleet to 70 aircraft last year. It is looking to acquire 11 new passenger aircraft and three freighter aircraft in 2013.

Through its rising number of codeshare agreements, the airline is also widening its range of destinations it offers, currently offering 248 codesharing destinations.

Earnings before interest and tax (EBIT) rose by 24 per cent to $170m, while earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR), rose to $753m.

The rise in profits has also been attributed to efforts to better manage costs, with non-fuel costs per available seat kilometre reducing by five per cent.

Etihad Airways also saw increased cargo volumes in 2012, with cargo tonnage increasing by 19 per cent to 367,837 tonnes.