Ethiopian Airlines Sees Notable Profit Surge

Sep 3 , 2022


While most African airlines are experiencing a slowdown, Ethiopian Airlines earned 937 million dollars profit last year. One of its competitors, Kenya Airways incurred 82.4 million dollars in the first six months of 2022. The 70-year-old airline also reported a 79pc revenue growth, which reached five billion dollars by the end of the fiscal year ended July 30, 2022. This year, the leading African carrier comes under the wing of the newly-formed Ethiopian Investment Holdings (EIH). In addition to the state-owned airline, the Commercial Bank of Ethiopia, Ethio telecom, the Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Utility are among the 28 entities under the purview of the sovereign wealth fund. Mamo Mihretu, the former policy advisor to the Prime Minister, was chosen to lead the wealth fund as CEO last February. The results were "despite the headwinds of worsening global economic outlook, rising fuel cost, global pandemic", Mamo said on Twitter.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...