Ethiopian Airlines generates $4.2 billion revenue

Ethiopia Airlines Group generates total revenue of 114.6 billion birr (about $4.2 billion) during the Ethiopia fiscal year concluded July 7, 2019.

The largest aviation group in Africa has made revenue from transporting passengers and goods as well as providing other services by its group companies such as training, catering among others. This is indicated by today the Ethiopian Public Enterprises Assets and Administration Agency, which evaluated the performance of the Group.

Of the total revenue the company generated $3.9 billion is collected in hard currency from international customers, according to the Agency’s report. The report shows that the state owned Ethiopian Airlines Group has made a total profit of 8.9 billion birr ($326 million) before tax.

During the current Ethiopian fiscal year 2012, which started July 8, 2019, Ethiopian Airlines Group has planned to collect total revenue of 155 billion birr (about $5.7 billion at the prevailing exchange rate).

It is also stated that the aviation group aims to report a gross profit of 19 billion birr (about $696 million at the prevailing exchange rate) at the end of the year – July 7, 2020.

It is recalled that the government of Ethiopia has announced its plan to partially privatize Ethiopian Airlines Group, Ethio telecom, Ethiopia shipping lines and other big state enterprises including railways and electric services, among others.