Ethiopian Airlines said it has earned $3.9 billion in revenue in the concluded Ethiopian fiscal year, which ended on July 7, 2020 amid the coronavirus pandemic.During an annual performance review of the company conducted on Sunday, it was noted that the airlines achieved 82% of its annual revenue target, which was $4.28 billion.
According to the Public Enterprises Holding and Administration Agency (PEHAA), different strategies put in place by the airlines helped it overcome the impact of the pandemic on its income.
Among the strategies are shifting from passenger to cargo, diversifying income generating schemes (maintenance and hotels) and applying cost reduction methods, which helped it to save over 5 billion birr.
The airlines turned to cargo flights and maintenance after the passenger transport business came to a stop during the COVID-19 pandemic.
Ethiopian doubled its cargo capacity by shifting 20 passenger aircraft into cargo planes in addition to the existing 10 Boeing cargo aircraft.
Since Covid-19 forced the closure of borders and restricted travel, the tourism industry has taken a tumble, with airlines some of the biggest losers.
However, there are some carriers who have managed to make money, or at least cover costs, in 2020.
Meanwhile the airline on Monday announced plans to start cargo service to Mauritius effective October 2, 2020.
The Ethiopian Airlines claimed it has a developed pan-African passenger and cargo network and serves 127 other international destinations across five continents with a fleet which includes modern and environmentally-friendly aircraft.