In the first quarter of the budget year, Ethiopian Airlines (ET), the continent’s largest airline, announced a 55% increase in profits compared with the same time the previous year.
The airline generated 19.5 billion birr profit before tax, which is 118 percent of the target according to the Ethiopian Investment Holdings first quarter report.
In a similar vein, its revenue increased by 21 percent over the same time in the previous year to about 102 billion birr. Over 4.49 million passengers were transported by ET between July and September, which is 102 percent of the projected number and 36 percent more than it was a year before.
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