Fiji Airways has indicated that “2024 will be a very different year from 2023,” presenting nine key challenges that may affect its operations this year. According to the annual report for 2023, which was submitted to Parliament, the airline achieved an operational profit of $113.2 million, marking a significant recovery from a loss of $175 million in 2022.
The company’s revenue reached $1.8 billion, reflecting a 67 percent increase from the previous year, while total receipts amounted to $1.9 billion, up by 58 percent compared to 2022. Chairman Nalin Patel remarked that 2023 demonstrated strong financial performance, highlighting the effectiveness of the company’s strategic plans and the resilience of its workforce.
Patel warned of a tougher and more competitive environment in 2024, affecting both the airline and Fiji as a travel destination. The identified challenges include uncertain economic conditions in major markets, geopolitical issues, the ongoing conflict in Ukraine, the Israel-HAMAS conflict, intensified competition, fluctuating fuel prices, inflation-driven operational costs, wage inflation, and a stronger US dollar.
He stated, “2024 will be a very different year than 2023. Despite these challenges, we remain optimistic about our ability to navigate through them. These factors will influence customer demand, airfares, hotel pricing, and more, but our team is prepared to meet the challenges head-on.”