The Ethiopian Airlines defied global oil prices to make a net profit of $107 million during its 2012/13 financial year. This is a 178 per cent rise compared to company’s last financial year.

During the period, the cost of jet fuel accounted for half of company’s total expenses.

While announcing the results, Tewolde Gebremariam, the CEO of Ethiopian Airlines, thanked the airline’s 7,300 employees who “have been working very hard to keep this airline shining high in the sky.”

The airline flew 5.5 million passengers and 174,000 tons of cargo; with 190 daily flights and 1,330 weekly.

To boost profits in an increasingly competitive airspace, the airline purchased 14 new airplanes and opened nine new stations across the world. “Now the only continent Ethiopian Airlines is not flying is Australia,” the CEO said.

Going forward, the Ethiopian plans to invest in more Boeing Dreamliners confident that the brand is as game changer in the aviation industry despite the hitches it has suffered since its launch.

“I have strong confidence in Dreamliner as the future airplane,”

Market share

Mr Tewolde said that Dreamliner is changing the economics of aviation saving 20 per cent carbon mission and reducing fuel consumption by 20 per cent.

The Ethiopian expects 3 or 4 more Dreamliners next year. So far Ethiopian five of Dreamliners out of its total order of 13 expected by 2015.

In its expansion plan, the airline is eying Central Africa as its 4th hub next to Addis, Lome (Togo) and Lilongwe (Malawi), according to Mr Tewolde who stated that the focus of his airline is to increase its share of African airlines on flights to and from Africa. Currently, it stands at 20 per cent.

“We have to develop African aviation. It is our continental obligation. We (African airlines) at least should get our fair share which is 50 per cent,” he said.