Ethiopian Airlines rakes in $5 bln annual revenue

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Ethiopian Airlines has staged a major rebound from pandemic slump, racking in a five 5 billion US Dollar 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 that the target, according to Ethiopian Today news.

In an interview with a local 102.1 FM Sheger station, the CEO of Airlines Mesfin Tasew said the annual revenue jumped by 44% to $5 billion during the fiscal year that ended on July 8, 2022.

The revenue figure is also 8% 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 plane-makers.

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

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