Mohammed Ali Mohammed Al Shorafa has been appointed chairman of the board of directors of Etihad Aviation Group.
The appointment was announced in a resolution issued by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and chairman of the Abu Dhabi Executive Council.
The resolution also saw the appointment of Elena Sorlini as member of the board of directors, which includes Hisham Khalid Malak, Masood Mohammad Mahmood, Jasim Husain Thabet, Mansour Mohamed Al-Mulla and Jacob Kalkman.
Mohamed bin Zayed has issued a resolution to appoint Mohammed Ali Al Shorafa as Chairman of the Board of Etihad Aviation Group Company, and Elena Sorlini as a Member of the Board. pic.twitter.com/7uvE23ybJ4
— مكتب أبوظبي الإعلامي (@admediaoffice) August 15, 2021
Figures revealed last week showed that Abu Dhabi-based Etihad Airways recorded a core operating loss for the first half of 2021, but month-on-month passenger volumes have grown 10 percent since the airline restarted passenger operations in July 2020 after halting flights to stem the spread of Covid-19.
Throughout the first half of 2021, Etihad retained a singular focus on cost control, decreasing operating costs by 27 percent year-on-year from $1.9 billion to $1.4bn, supported by reduced capacity and volume-related expenses.
Fixed overhead costs saw a significant improvement, reducing by 22 percent to $0.3bn, while finance costs reduced by 22 percent owing to an ongoing balance sheet deleveraging. As a result, the airline managed to rebuild its liquidity position to pre-pandemic levels.
Overall, Etihad recorded a core operating loss of $0.4bn for H1 2021 (half the loss of $0.8bn in H1 2020).
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