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.