NAIROBI (Reuters) – State-run Ethiopian Airlines posted a jump in net profit and total revenues in the financial year that ended on June 30, helped by higher international passenger haulage and falling operating costs, the head of Ethiopian Investment Holdings said.
Africa’s leading airline recorded a jump of 90% in net profit to $937 million during the 2021/22 financial year, while total revenue surged 79% to $5 billion, said Mamo Mihretu, chief executive of the holding company.
“Profit grew by 90% … despite the headwinds of worsening global economic outlook, rising fuel cost, global pandemic,” Mihretu added on Twitter late on Tuesday.
Ethiopian Investment Holdings is the umbrella company for state-run corporations.
The airline’s operating costs fell 74% from a year earlier, while the number of international passengers it ferried was up 36%, at 6.9 million, while cargo haulage rose 59% to 7,700 tonnes, Mamo said.
In January, the airline said it had managed to operate throughout the COVID-19 pandemic with its own finances and without bailouts, and had given staff pay rises and bonuses.
(Reporting by Nairobi Newsroom; Writing by George Obulutsa; Editing by Shri Navaratnam and Clarence Fernandez)
