Ethiopian Airlines is surely the envy of the rest of Africa’s airlines after reporting profits that are more than those of Africa’s fleets combined.
For the 2014-2015 fiscal year, the Bole International Airport-based carrier reported a net profit of 3.5 billion birr (US$168 million) on revenues of 46.5 billion birr (US$2.2 billion) after transporting 6.4 million passengers and 329,000 tons of cargo, according to Ethiopia’s The Reporter.
CEO of Ethiopian Airlines Aviation Group acknowledged the company’s employees and management teams for the balance sheet successes of the airline.
“We have just completed the first phase (five years) of the 15 years strategic road-map. The results show that we have exceeded all our targets planned for the period,” he said.
The profits are an astounding feat considering the dire straits other African airlines are faced with, as major carriers declare bankruptcy. South African Airways (SAA) reported a net loss of US$223 million, Egypt Air reported a net loss of US$350 million and Kenya Airways (KQ) reported a pre-tax shortfall of US$293 million.
“The fiscal year of 2014/15 was one of the most challenging year for the African Aviation Industry,” Tewolde said. “It started with one of the worst epidemic disease of Ebola which has negatively affected air travel demand in the continent. Although the decline in Crude oil price was a welcome event for airlines on the cost reduction side, it severely affected the economies of all of the oil exporting countries like Nigeria, Angola, and Gabon.”
The airline’s financial results justify the accolades that it has, over the years received. Last year, Ethiopian Airlines clinched the coveted Passenger Choice Award for “Best Airline in Africa” at the APEX EXPO, amongst other awards.