Ethiopian Airlines Group records USD260 million gross profit in six months

In the first half of the current Ethiopian fiscal year, the country’s airlines group, Ethiopian Airlines Group, has realized an unaudited profit of ETB7.8 billion (USD260 million).

Making this announcement, the Public Enterprises Agency said that the airline also generated ETB68 billion in the same period.

“The profit of ETB7.8 billion was close to ETB10.7 billion (USD356 million) profit of the Commercial Bank of Ethiopia in just first six months of its current financial year,” said the agency.

This record-high profit makes the Ethiopian Airlines Group to be second most profitable state-owned enterprise after the Commercial Bank of Ethiopia.

In this fiscal year which ends in July 7,2020, the Ethiopian airline has planned to gross ETB19 billion birr (USD696 million) which is a shoot up and twice the last fiscal year’s gross profit of nine billion Birr (USD326 million).