Home ECONOMY Ethiopian Airlines Posts $260 Million Half Year Profit

Ethiopian Airlines Posts $260 Million Half Year Profit

by biasharadigest

Ethiopian Airlines has posted a $260 million gross unaudited profit during the first six months of its current fiscal year, which is equivalent to 7.8 billion Ethiopian Birr (ETB).

According to the Public Enterprises Agency, in addition to the profit, the airlines also posted $2.1 billion (ETB68 billion) worth of revenues during the same period.

This, therefore, makes the airline the country’s second most profitable state-owned facility, behind the Commercial Bank of Ethiopia, which posted a $356 million profit during the same period.

Furthermore, the airline foresees its gross profit to close at $696 million y the end of the fiscal year on 7th July 2020.

Ethiopian Airlines, headquartered at Bole International Airport in Addis Ababa, is Africa’s largest airline in terms of passengers carried, destinations served, fleet size, and revenue. It is also among the top airlines globally in terms of the number of countries served flying to over 80 countries around the world.

African news reports that in 2019 alone, it carried 12 million passengers and transported over 432,000 tons of freight grossing over $4 billion in the process.

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