Wednesday, June 19, 2024
BusinessEthiopian airlines revenue doubles in a year

Ethiopian airlines revenue doubles in a year

Its half year performance surpasses Ethiopia’s exports of goods

Ethiopian airlines generated USD 2.43 billion over the past six months in its service exports, surpassing its plan by six percent. The performance almost doubled, compared to the airline’s USD 1.63 billion it generated during last year’s same period.

Ethiopian airline’s performance substantially improved despite COVID-19 measures severely affecting the aviation industry. The airlines managed to compensate losses from passengers, capitalizing on cargo transport services. The airlines also repurposed some of its passenger aircrafts into cargo.

The government expected USD four billion from State Owned Enterprises (SOEs) in the past six month period, with 96 percent of the plan being met. Out the USD 3.83 billion generated during the first half of 2021/22, Ethiopian Airlines constituted 63 percent, while the Commercial Bank of Ethiopia (CBE) generated USD 1.32 billion and Ethio telecom generated USD 74 million.

The airlines six months performance is way better exports of goods, which fetched USD 1.8 billion during the same period, a 20 percent increase from last year’s same period.

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Ethiopian airlines also constituted the lion’s share of the 52 billion birr in gross profit the 36 SOEs generated during the past six months. It is 142 percent of the plan set to be achieved for the period and 97 percent higher compared to last year’s same period.

The group, along with the Ethiopian Shipping Lines & Logistics Service Enterprise, generated 25.7 billion birr in profit before tax, three times the 8.6 billion birr the government had planned for the period. The profit grew by 292 percent, compared to last year’s same period, according to PEHA’s document.

Last week, Tewolde Gebremariam, who has served Ethiopian for 11 years, severed his ties with the Airlines due to medical reasons. Mesfin Tassew, who was leading Asky Airlines, replaced him. Girma Wake, who was former CEO of Ethiopia before Tewolde, has become the Board Chairperson of the Airlines, replacing Abadula Gemeda.

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