Ethiopian Airlines has amassed $5 billion in annual revenue, showing a major progress from a slump of COVID-19 pandemic slump, Mesfin Tassew, CEO of the airlines announced on Tuesday.
The airlines quickly turned its focus on cargo and charter operations to soften the blow of the pandemic to passenger services, Tassew told local media.
Last month at the height of the pandemic, the airline was forced to suspend 91 of 110 passenger flights owing to the impact of the pandemic.
The decision helped the company to pass the pandemic without a government bailout and without laying off any of its 13,000 regular employees despite a $500,000 income loss.
During the 2021/22 fiscal year, however, the airlines staged a much stronger rebound, taking its annual revenue significantly higher than the target.
Tasew said the annual revenue jumped by 44 percent to five billion US dollars during the fiscal year that ended on July 8, 2022.
The revenue figure is also 8 percent higher than what the airlines had anticipated.
The CEO attributed the performance to the management and workers of the airlines that worked tirelessly during the period.
At least 38 passenger planes were converted to freighters to provide cargo service as part of its efforts to shore up revenue since the onset of the pandemic.
With passenger services recovering,
13 have now been reinstated to their previous passenger operation.
The airline currently operates 138 planes and has 36 aircrafts on order from various planemakers.
The CEO said the airlines expect to receive 13 new aircrafts including 10 B777 max and 2 Airbus A350 to join its young and modern fleet during the current fiscal year.
MG/as/APA