Ethiopian Airlines to Buy $7.4 Billion Worth of Boeing’s Latest 777X Jetliners
Ethiopian Airlines plans to expand its fleet with 15-20 of Boeing’s latest 777X jetliners before the end of the year.
The award winning airline shows no signs of slowing its incredible growth story as it looks to replace ten older 777 twin-engine planes and further expand the fleet. The new deal is expected to be valued at $7.4 billion, which would see the planes delivered after 2020.
An award-winning fleet
Ethiopian Airlines is the fastest growing and most profitable airline on the African continent. Its incredible growth story was confirmed earlier this week when the airline won the CAPA Airline of the Year Award – one of the top awards at the 2015 CAPA Aviation Awards for Excellence, on October 7.
And the airline has no intentions of slowing down, according to CEO Tewolde Gebre Mariam.
“We will continue our leadership in the African Aviation industry and connecting mother Africa with its major global trading centres,” he said at the awards gala. While executive chairman of CAPA, Peter Harbison, credited the carrier’s business model as something for others to follow.
“Ethiopian [Airlines] has doubled in size since the beginning of the decade while most other major African carriers have grown only slightly or not at all, successfully expanding its hub operation,” he said. “It has been consistently profitable over this period while most of its competitors in Africa have struggled financially in recent years.”
Airliners in Africa have had a tough few years, following political unrest in parts of the continent, the Ebola outbreak’s impact on tourism and tough oil market conditions more recently. Despite this, Ethiopian Airlines was able to show a $175 million record profit at the end of its financial year in June.
“Ethiopian Airlines Boeing 777-200LR ET-ANR (7861050552) (2)” by BriYYZ from Toronto, Canada – Ethiopian Airlines Boeing 777-200LR ET-ANRUploaded by russavia. Licensed under CC BY-SA 2.0 via Wikimedia Commons.