Latest data from the International Air Transport Association, Africa’s largest airline, reveals that Ethiopian Airlines posted highest profit ever. The Airline posted 3.53 Billion Biir profit during 2014/15 financial year. A 12 percent increase compared to the previous years. The profit is more than all the African airlines combined.
The Airlines Chief Executive officer, Tewolde Gebremariam, said its recent performance means it has already met most of its goals for its 15-year master plan to 2025 in the first five years.
‘ ‘The growth rate in the industry is very low — the average could be less than 5 percent — but we have been growing 20-25 per cent annually compound, in revenue and fleet ” he said.
The Airline recently announced plans to secure 35 Boeing 737 MAX 8’s. The plan is to first 20 aircraft in the first phase and balance will come in the second phase.
The Airline phenomenal growth is attributed to good management, the owners who are not too demanding and the fact that the airline does not pay income tax to the government of Ethiopia.