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Ethiopian Airlines Group (ET) has announced a robust financial performance for the fiscal year ending July 7, 2024, with revenues reaching $7.02 billion—a 14% increase from the previous year, equivalent to over 402 billion Ethiopian Birr.
The airline achieved a milestone by transporting a record 17.1 million passengers so far this year, comprising 13.4 million international and 3.7 million domestic travelers.
However, cargo operations faced difficulties. The airline managed 754,681 tons of cargo, generating $1.65 billion in revenue, but this marked an 8% decline from the previous year.
Ethiopian Airlines has been aggressively expanding its fleet, adding five new aircraft to reach a total of 145. The carrier now serves 139 international and 21 domestic destinations, excluding its hub at Addis Ababa Bole International Airport (ADD).
CEO Mesfin Tasew noted that global aviation has been impacted by geopolitical conflicts such as the Russia-Ukraine war and the Sudan conflict, alongside rising fuel prices. Despite these hurdles, the airline delivered strong results in the past couple of years.
Looking ahead, Ethiopian Airlines plans to carry 20 million passengers this fiscal year and introduce five new routes. Additionally, it has ordered 125 new aircraft to support its growth strategy.
“The airline’s performance aligns with our 2035 growth strategy. We will focus on expanding our network, enhancing infrastructure, and developing human capital to boost our international competitiveness,” stated Mesfin Tasew, CEO of Ethiopian Airlines Group.
