Etihad Cargo posted a 16.8% increase in its total freight volumes for 2014, which rose to 569,000 tonnes from 487,000 tonnes.

Revenues also increased by 19.2% to US$1.1 billion, making Etihad Cargo a billion-dollar company one year earlier than expected.

“Etihad Cargo has consistently outperformed the global market. Its impressive 17% growth in freight tonne kilometres in 2014 is four times the industry average,” said James Hogan, president and chief executive officer of Etihad Airways. “Today, Etihad Cargo is one of the largest cargo operators in the world. We are forecasting significant growth for 2015, driven by key initiatives to expand its capacity and scope, and to leverage equity and other partnerships.”

According to a statement, Etihad Airways, which began operations in 2003, achieved its strongest financial performance yet, with a 26.7% increase in total revenue to US$7.6 billion and a 52.1% increase in net profit to US$73 million.

The airline has a fleet of 116 Airbus and Boeing aircraft, and more than 200 aircraft on firm order, including Airbus A350s, Airbus A380s, Boeing 787s and Boeing 777Xs.