Ethiopian earns over 122b birr in revenue in concluded fiscal year
Addis Ababa, September 28, 2020 (FBC) –Ethiopian, Africa’s largest airlines, earned 122.14 billion birr in revenue in the concluded Ethiopian fiscal year, which ended July 7.
During an annual performance review of the company conducted yesterday, it was noted that the airlines achieved 82% of its annual revenue target, which was 149.72 billion birr.
According to the Public Enterprises Holding and Administration Agency (PEHAA), different strategies put in place by Ethiopian helped it to overcome the impact of coronavirus on its income.
Among the strategies include, shifting from passenger to cargo, diversifying income generating schemes (maintenance and hotels) and applying cost reduction methods, which helped it to save over 5 billion birr.
The airlines turned to cargo flights and maintenance after the passenger transport business came to a stop during the coronavirus (COVID-19) pandemic.
Ethiopian doubled its cargo capacity by converting 20 passenger aircraft for cargo in addition to the existing 10 Boeing cargo aircraft.