BY NDUMBE BELL GASTON
One of Africa’s dominant air fleets, Ethiopian Airlines, has realized an amazing spike in profits in the 2017/ 2018 financial year.
Net profits were reported to have hit 20 million euros as the group continues to make major strides by increasing the passanger volume to 10.6 million. This is an increase in percentage terms to 21%, as they continue to pursue corporate objectives to become the first fleet in Africa’s aviation history by 2025, stated the group.
The fleet has equally opened up new channels in Chicago and Geneva this same period amidst deadly competition, which, according to the Group C.E.O, Tewolde Gebre Mariam, their expansion must go on despite “the risen fuel prices which is 30% higher in Africa and having a strongly constraining influence to transporters of the continent.”
The Airlines has reached another investment frontier by actively participating in the share capital of smaller carriers such as the Zambian Airways, Equatorial Guinea Airlines, and Chadian Airlines by 49%.
The Tewolde Gebre Mariam administration is also focused towards the east. He said they are now linking China to Africa by annually increasing the volume of travelers by annual average of 20%.