Continued rapid expansion saw Ethiopian Airlines, Africa’s largest airline group, report a satisfactory 2017-18 financial year.

The carrier said it had continued to execute on its 15-year strategic roadmap, Vision 2025, with substantial increases in passengers and freight.

The state-owned carrier divulged few financial details, beyond saying it had turned in a net profit of 6.8 billion Ethiopian birr ($245 million), while operating revenue jumped by 43% over the previous fiscal year to 89.1 billion birr.

It added that passenger numbers grew 21% to 10.6 million, while freight carried increased by 18%, to 400,000 tonnes.

Over the fiscal year, the company said, it inducted 14 new aircraft, taking its fleet over the 100 mark, the first African carrier to achieve such a scale, while adding eight international destinations: Bahrain, Buenos Aires (Argentina), Chicago, Geneva (Switzerland), Kaduna (Nigeria), Kisangani and Mbuji-Mayi (Democratic Republic of Congo) and Nosy-Be (Madagascar).

“It was an exceptional year for Ethiopian with record performance in financial, operational, commercial and customer service areas,” Ethiopian CEO Tewolde Gebremariam said.  

“This performance is all the more exceptional given the very tough operating and competitive environment in Africa, where jet fuel price, our main cost driver, has soared during the year and is on average 30% more expensive in Africa, our home market, than in the rest of the world, putting the continent’s carriers at a severe competitive disadvantage.”

Further network and fleet growth is expected in 2018-19, he added, with “greatly enhanced” ground customer service anticipated with the opening of expanded and significantly upgraded airport terminals at the airline’s home hub of Addis Ababa.

Alan Dron alandron@adepteditorial.com