Ethiopian Airlines Reports Strong FY 23/24 Results

DALLAS — Ethiopian Airlines Group (ET) has reported a strong financial performance for the fiscal year ending July 7, 2024. ET’s revenue totaled $7.02 billion, marking a 14% increase compared to the previous year. This translates to over 402 billion Ethiopian Birr.

The African carrier transported a record 17.1 million passengers during the fiscal year, with international and domestic passengers accounting for 13.4 million and 3.7 million, respectively.

Cargo operations, however, faced challenges. While the airline handled 754,681 tons of cargo, resulting in a revenue of $1.65 billion, this represents an 8% decrease compared to the previous fiscal year.

Expansion, Challenges

Ethiopian Airlines has been actively expanding its fleet. The airline added five new aircraft, bringing the total fleet size to 145. Additionally, it has expanded its network to include 139 international and 21 domestic destinations, excluding Addis Ababa Bole International Airport (ADD).

CEO Mesfin Tasew acknowledged the impact of geopolitical conflicts, including the Russia-Ukraine war and the Sudan conflict, coupled with increased fuel prices, on the global aviation industry. Despite these challenges, the airline managed to achieve impressive results.

Looking ahead, Ethiopian Airlines has ambitious plans. The airline aims to carry 20 million passengers in the current fiscal year and plans to add five new routes. Moreover, the airline has placed an order for an additional 125 aircraft to support its growth strategy.

“The airline's performance is in line with its 2035 growth strategy, and we would put more emphasis on the addition of network expansion, infrastructure development, and human capital development, among others, to be more competitive internationally," said Mesfin Tasew, CEO of Ethiopian Airlines Group.