Ethiopian Airlines Rakes in $5 Billion Annual Revenue

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Ethiopian Airlines Rakes in $5 Billion Annual Revenue

ADDIS ABABA – Ethiopian Airlines has staged a major rebound from a pandemic slump, racking in a five billion US dollars annual revenue in the recently concluded 2021/22 Ethiopian fiscal year.

At the height of the pandemic, the company’s revenue was seriously affected after it was forced to suspend 91 of 110 passenger flights.

The airlines quickly turned its focus on cargo and charter operations to soften the blow of the pandemic to passenger services.

The decision helped the company to pass the pandemic without a government bailout and without laying off any of its 13,000 regular employees despite a half billion US dollars income loss.

During the 2021/22 Fiscal year, however, the airlines staged a much stronger rebound, taking its annual revenue significantly higher than the target.

In an interview with a local Sheger radio station, the CEO of Airlines Mesfin Tasew said the annual revenue jumped by 44% to five billion US dollars during the fiscal year that ended on July 7, 2022.

The revenue figure is also 8 percent higher than what the airlines had anticipated.

The CEO attributed the performance to the management and workers of the airlines that worked tirelessly during the period.

Increased cargo operation coupled with the passenger service has helped the airlines to record 5 billion revenue, the CEO told Sheger FM Radio station on Monday.

At least 38 passenger planes were converted to freighters to provide cargo service as part of its efforts to shore up revenue since the onset of the pandemic.

With the demand for passenger services recovering, 13 have now been reinstated to their previous passenger operation.

The airline currently operates 138 planes and has 36 aircrafts in order from various planemakers.

The CEO said the airlines expect to receive 13 new aircrafts including 10 B777 max and 2 Airbus A350 to join its young and modern fleet during the current fiscal year.

— ethiopianmonitor.com