With a profit of USD 937 million, Ethiopian Airlines almost doubled its profit
The health crisis and soaring fuel prices have not dampened the spirits of Ethiopian Airlines. Africa's largest airline is still in the black. Better still, it continues to improve its performance indicators.
In the 2021/22 financial year, Ethiopian Airlines posted a net profit of $937 million, up 90% year-on-year. Mamo Mihretu, the director of Ethiopian Investment Holdings, made this known in a micro message on Tuesday 30 August 2022 on his Twitter page. This comes on the heels of the annual performance review of state-owned enterprises under its umbrella.
This performance was supported by the increase in international passenger transport, the good health of air cargo as well as the decrease in operating costs. In the year under review, Ethiopian Airlines carried 6.9 million international passengers (+34%) - still a long way from the 12.1 million passengers of 2019 - while cargo transport increased by 59% year-on-year to 7,700 tonnes, Mamo said.
Despite the headwinds of a deteriorating global economic outlook, rising fuel costs and the global pandemic, the carrier reduced its operating costs by 74%. Revenues jumped 79% to $5 billion. Ethiopian Investment Holding is Ethiopia's sovereign wealth fund. Launched this year, its main objective is to serve as a strategic investment arm by maximising the value of state-owned assets.
