Etihad Airways has reported a record profit of $73 million on turnover of $7.6 billion in 2014.
The Abu Dhabi-based carrier recorded a 22% rise year on year in passengers to 14.8 million and a 52% increase in net profit, with revenue up almost 27% on 2013.
Etihad reported an operating profit of $1.1 billion, representing a 15% margin on revenue, as it increased its fleet from 89 to 110 aircraft over the course of 2014.
The figures come at a sensitive time as Etihad responds to allegations by leading US carriers that it has benefited from government subsidies.
The carrier is due to deliver a detailed rebuttal of the allegations to the US government by the end of this month.
US carriers Delta Air Lines, American Airlines and United have made similar charges against Dubai-based Emirates and Qatar Airways.
Etihad president and chief executive James Hogan said: “Our focus is on sustainable profitability.
“Our fourth year of net profits at a time when we continue to invest in new routes, new aircraft, new product and new infrastructure shows we are serious about that goal.
“We have continued to grow not just in size, reputation and performance but also in maturity, evolving from an airline to a diverse global aviation and tourism group.”
The carrier said its partnership strategy and minority investments in other airlines were “a key driver” of its growth.
Etihad owns 49% of the new Alitalia, took a 49% stake in Air Serbia last year and has minority stakes in Air Berlin, Air Seychelles, Jet Airways and Virgin Australia.
It also holds almost 5% of Aer Lingus, whose board accepted a takeover bid by British Airways’ parent IAG this week.