Africa’s leading carrier, the Ethiopian Airlines have posted a surge in profit for the last financial year.
This is in sharp contrast to the ailing fortunes of other airlines in the East African bloc.
According to the country’s sovereign wealth fund Ethiopian Investment Holdings (EIH), the airline got a 79 percent jump in revenue to $5 billion for 12 months to July while profit skyrocketed 90 percent to $937 million.
The results were “despite the headwinds of worsening global economic outlook, rising fuel cost, global pandemic”, EIH chief executive Mamo Mihretu said.
Government sources said the airline had transported 6.9 million international travellers last year alone.
Other carriers in East Africa have been smattering under the Covid-19 pandemic and its devastating impact on air travels.
Many are still grappling with the fallout from the Russia/Ukraine war which has sent global fuel prices soaring.
For instance, Kenya Airways reported a 9.8 billion shilling ($82 million) loss in the six months to June, although it was an improvement on the Ksh11.48 billion ($95 million) deficit in the first half of 2021.
The airline, which has been stuck in the red for years and is relying on state bailouts, reported a 76 percent increase in revenue to Ksh48.1 billion (about $400 million) over the same period as passenger numbers almost doubled to 1.6 million.
