FJ Airways records highest profits in 70 years – FBC News

(Archive photo)

Fiji Airways has recorded its highest profits in its 70-year history.

CEO Andre Viljoen said the national carrier had reached new heights with record revenues of $1.8 billion, a remarkable 67 per cent increase compared to 2022, and unprecedented revenues of $1.9 billion, a 58 per cent increase compared to the previous year.

Viljoen states that Fiji Airways has achieved extraordinary success, reporting a record pre-tax profit of $131.8 million.

He says this demonstrates the airline’s resilience and strategic acumen.

The CEO emphasised that this important milestone demonstrates Fiji Airways’ ability to overcome adversity, especially in the face of a daunting total loss of over $578.8 million incurred due to the COVID-19 pandemic.

He adds that measures taken during COVID, such as new loans and deferrals of aircraft lease payments, will impact the airline for years to come. By the end of 2021, debt had reached $793.9 million, almost twice the pre-COVID level.

Despite this, in 2023, Fiji Airways managed to repay $100.4 million in loans and refinance $94.9 million of external debt through domestic loans.

Viljoen added that the airline had invested $109 million in capital projects, with key funds earmarked for $49 million for Phase 2 of the Fiji Airways Aviation Academy, $34 million for the aircraft maintenance programme and the rest for new equipment and systems to support strategic transformation initiatives.