The airline reported a 79% revenue growth for its fiscal year ended July 30, even as profit grew by 90%. This information is according to a tweet by Mamo Mihretu, the CEO of Ethiopian Investment Holdings.
According to Mr Mihretu, the state-owned airline “posted $5 billion in revenue this financial year, a 79% growth compared to last year. Profit grew by 90%, reaching $937 million despite the headwinds of the worsening global economic outlook, rising fuel cost, global pandemic.”
Business Insider Africa could not get a hold of the financial report to glean more details from it, as the document is not publicly available. However, we understand that Ethiopian Airlines uplifted more than 6 million international air travellers during the period under review.
Established in 1945, Ethiopian Airlines is one of the oldest yet most reliable airlines in Africa. It has also remained one of the most profitable, especially since the pandemic that disrupted global travels and the recent global energy crisis that has caused the price of aviation fuel to skyrocket.
Recall that one of Ethiopian Airlines’ competitors, Kenya Airways, had posted a loss of $82.4 million for its half-year period ending June 2022.
Business Insider Africa reported that Kenya Airways has been making losses for over nine consecutive years since 2012, even as it now relies on loans and government bailouts to sustain itself.
A recent forecast by the International Air Transport Association (IATA) expects African airlines to record net losses to the tune of $700 million in 2022.
Recall that the airlines recorded an $8.6 billion revenue loss in 2021 and previously reported a staggering $10.21 billion revenue loss in 2020.
