More than a year after it was first reported that Etihad Airways was preparing to go public and list itself on the Abu Dhabi Stock Exchange, its chief executive has now confirmed that actually, no, there are no such plans to make an initial public offering.
Antonoaldo Neves confirmed to local media outlets that there was “no rush to go public” after the first rumors of a potential listing started to circulate in March 2024.
Those rumors were bolstered by the fact that Etihad, for the first time in its history, started to become much more transparent with its financial reporting and even published a full annual report–key elements that would be required if the airline were to go public.
Since 2022, Etihad Airways has been owned by Abu Dhabi’s sovereign wealth fund ADQ, and any decision to take the airline public would ultimately rest with ADQ.
“Right now, the focus is on deleveraging the company. The more debt is reduced, the more returns can be given to shareholders, who are the ultimate decision-makers on any IPO,” Neves told the National News.
Dismissing the long-running rumors as nothing more than “speculation,” Neves continued: “There’s no rush for capital, no rush to go public.”
After years of shrinking Etihad to cut losses and make the airline profitable, Neves was brought in by ADQ to grow the airline with ambitious plans to expand its fleet and network.
For 2024, Etihad reported a record-breaking profit of $476 million on the back of $6.9 billion in revenue. The financial results marked the third straight year of profitability for the airline after years of massive losses.
