Abu Dhabi-based Etihad Airways total net profit increased 48 per cent in 2013 to $62m.

The airline’s overall revenue increased 27 per cent to $6.1bn and passenger numbers grew 12 per cent to 11.5 million.

“We have hit every financial target for each of the last seven years, bringing sustainable profitability to a business which has grown from just $300m in revenues in 2005 to more than $6bn today,” said James Hogan, Etihad Aviation Group President and CEO. “We have delivered that through our strategy, which has seen us combine organic growth with wide-ranging partnerships and minority equity investments in strategically important carriers around the world.”

Equity investment and codesharing deals account for 30 per cent growth in total revenue and 21 per cent growth in passenger growth.

Etihad Airways’ partnerships include Germany’s Airberlin, Australia’s Virgin Australia, India’s Jet Airways, and Serbia’s Air Serbia. Etihad is also in final round of discussions for a 40 per cent stake in Italy’s Alitalia.

The airline plans to add nine additional destinations and introduce 18 new aircraft in 2014.