Ethiopian Airlines profit hits Sh. 112.4 billion in 12 months

Ethiopian Airlines has entrenched its position as Africa’s top carrier with a record 90 per cent profit growth. The airline has reported that its profit has grown to Sh. 112.4 billion in the twelve months ended July 2022.

At the same time, the state-owned airline saw a 79 percent jump in revenue to $5 billion.

These financial results have been announced by the country’s sovereign wealth fund Ethiopian Investment Holdings (EIH).

“These results are despite the headwinds of worsening global economic outlook, rising fuel cost, global pandemic”, EIH chief executive Mamo Mihretu said.

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In the previous year, Ethiopian Airlines transported 6.9 million travellers.

In a show of financial might, Ethiopian Airlines recently became the first airline in Africa to purchase the A350-1000 planes. This is after it converted its existing orders of A350-900 for larger A350-1000 planes.

The new purchase order will see Airbus deliver six of the larger planes to Ethiopia.

“The A350-1000 is the best fit for our dense routes, and we believe that the upsizing will be instrumental in satisfying the increasing demand of customers in our vast global network across five continents,” said Mesfin Tasew, the Ethiopian Airlines Group chief executive officer.

The A350-1000 can carry about 369 passengers with a maximum limit of 480, while the A350-900 can only carry 300-350 passengers.

Ethiopian had ordered 22 Airbus planes as part of its expansion plan, 16 of which it had already received, making it the first in Africa to use the A350 planes.