Ethiopian Airlines Secures $6.1 Billion in annual Revenues

ADDIS ABABA – Ethiopian Airlines group has reported $6.1 Billion in revenues for the 2022/23 fiscal year as its flight services return to pre-pandemic level.

The figure has shown a 20 percent year-on-year increase, according to the airlines. The company’s total revenues last year was  $5 billion.

During his press briefing today, Group CEO Mesfin Tasew says the airline achieved its target for the year despite challenges that hit the aviation sector such as rising fuel costs.

The CEO has also mentioned the resumption of flights to Tigray locally and the growing passenger services demand globally on a positive note.

The airlines saw increasing demand for international passenger flight services as countries move to lift Covid-19-related travel restrictions.

Expanding Flights network

Ethiopian has resumed all of its suspended international passenger flight services this year. The airline was forced to suspend 91 of 110 passenger flights at the height of the Covid-19 crisis in 2020.

“We have managed not only to resume the flights but also added seven new destinations to our flight networks,” Mesfin said. Copenhagen, Atlanta and Karachi are among the seven destinations that the airlines began serving this year.

“This really shows our performance has reached a pre-pandemic level way ahead of the industry,” the CEO said.

The number of passengers that airlines transported also surpassed the 12.2 million a year pre-pandemic.

This year, Ethiopian carried 13.7 million passengers through its main hub, Addis Ababa Bole International Airport. The cargo services also transported 723 thousand tons of freighters in the same period despite a drop in demand globally, per the CEO.

12 New planes added

Twelve new passenger planes – eight Boeing 737 Max, two Airbus a350, and one B878, started operating this year.

The airline also added two aircraft to its cargo operations with the help of its MRO in-house experts who converted two Boeing 767 passenger planes to freighters.

Another B767 passenger plane is currently under reconfiguration in the airline’s in-house conversion center. It will join operations in September and will take the total cargo fleet to 16, the CEO said.

The airline currently operates 144 aircraft to more than 150 domestic and international passenger and cargo destinations across five continents.