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Sunday, June 11, 2023

Ethiopian Airlines Records Higher Profits

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The revenue for Ethiopian Airlines’ fiscal year that concluded on July 30 increased by 79%. Ethiopian Investment Holdings CEO Mamo Mihretu reported in a tweet that the state-owned airline generated $5 billion in revenue this fiscal year, an increase of 79% over the previous year.

Additionally, despite challenges from the worsening outlook for the global economy, rising prices, and the pandemic, profits increased by 90% to $937 million.

Ethiopian Airlines is expected to have transported more than 6 million foreign air travelers during the reporting period, even if the financial report document is not publicly available to extract further information from it.

One of Africa’s oldest and most reputable airlines, Ethiopian Airlines was established in 1945. Additionally, it has continued to be one of the most lucrative, particularly after the epidemic interrupted international travel and the subsequent global energy crisis drove up the cost of jet fuel.

One of Ethiopian Airlines’ rivals, Kenya Airways, reported a loss of $82.4 million for the six-month period that ended in June 2022.

African airlines are expected to have net losses of over $700 million in 2022, according to a recent prediction by the International Air Transport Association (IATA). Airlines projected a catastrophic $10.21 billion revenue loss in 2020 and a $8.6 billion revenue loss in 2021.

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