As big African airlines are grounded in heavy losses, Ethiopian Airlines continues to spread its wings. An aggressive expansion strategy has helped the state-owned carrier transform itself from a competent regional player to the continent’s leading carrier in just five years. In a region where most airlines are struggling to break even as they grapple with the collapse in commodities and political instability, Ethiopian Airlines recorded a full-year profit of more than all other African carriers combined, according to data from the IATA. Its performance has meant it has already met most of its goals for its 15-year master plan to 2025 in the first five years. “The growth rate in the industry is very low — the average could be less than 5% — but we have been growing 20-25% annually compound, in revenue and fleet [size],” said CE Tewolde Gebremariam. In the year to June 2015, the company recorded a net profit of 3.15bn birr ($148m), compared with 2bn birr in the same period a year earlier. Its operating profit margin was 9.49%, up from 2.14% in 2011 and at a level comparable with the best European carriers. It has also increased its routes to 89, up from 69 in 2011. Analysts attribute much of this success to the carrier’s benevolent owner, which does not demand dividends and, through state policies, can help keep down labour and financing costs.<br/>