DUBAI, United Arab Emirates (AP) — Abu Dhabi-based Etihad Airways announced Wednesday earning a $143 million profit last year, citing an increase in passengers as fueling the narrow profit.

Though slim, it represents success for the long-troubled airline, which like other carriers suffered massive losses during the lockdowns of the coronavirus pandemic.

Etihad saw revenue of $5.5 billion in 2023, compared to $4.9 billion in 2022. Its profit in 2022 was just $25 million. It reported a loss of $478 million in 2021 and a staggering $1.7 billion loss in 2020.

Etihad flew 14 million passengers last year, compared to 10 million the year before.

“Our task at hand is to further strengthen our business as we continue our growth strategy and pursue further margin expansion opportunities,” Etihad CEO Antonoaldo Neves said in a statement.

Abu Dhabi’s rulers launched Etihad in 2003, rivaling the established Dubai government-owned carrier Emirates, which boasts a larger fleet and a far-flung network. Emirates flies out of Dubai International Airport, located only 115 kilometers (70 miles) away from the capital of Abu Dhabi. The two airlines compete in the long-haul carrier market, using their nation’s location as a key east-west transit point to their advantage.

Etihad struggled with its business plan and underwent cost-cutting measures even before the pandemic. Since 2016, Etihad has lost some $6 billion as it has aggressively bought up stakes in airlines from Europe to Asia to compete against Emirates and Qatar Airways.

Etihad's network now flies to 72 locations with a fleet of 85 aircraft.