Ethiopian Airlines sees passenger rebound from COVID this year

Ethiopian Airlines expects its passenger business to recover to pre-pandemic levels in its financial year ending in June, its CE told Reuters. Africa's biggest carrier will ferry 12.7m passengers during the year, Mesfin Tasew Bekele said, up from 8.6m passengers in the previous financial year and 12.1m before the pandemic struck. Mesfin attributed the forecast to lifting of restrictions on movement around the world, the carrier's own expansion in terms of new planes and destinations, and a peace deal signed last month to end a two-year conflict in the north of the country. Any delays in re-opening of China could however curb the projections, Mesfin said, since it is a key market for both passengers and cargo. "China is lagging behind in relaxing COVID restrictions... If it doesn't gradually relax the restrictions starting in January, it may have adverse impact on us," said Mesfin, who took over as CEO in March. Ethiopian fared much better than other African carriers during the pandemic, thanks to its cargo business that was able to compensate for a steep drop in passenger traffic. It is already looking beyond the health crisis with an expansion plan to double its fleet and network, boost annual revenue and passengers by 400% and 440% respectively, by 2035. "Unless we grow, we cannot be successful," Mesfin said, adding that a larger network will give the business economies of scale. Under the expansion plan, Ethiopian is ordering new planes from Boeing, Airbus and De Havilland across all categories, aiming to double the size to 271, he said.<br/>