Fiji Airways reported a debt of $682 million for 2023, according to its annual report presented in Parliament. The report does not disclose the names of the creditors.
Over the past decade, the airline’s total debt has varied, with figures as follows: $632 million in 2014, $601 million in 2015, $540 million in 2016, $475 million in 2017, $425 million in 2018, $417 million in 2019, $584 million in 2020, $793 million in 2021, $784 million in 2022, and $682 million in 2023. The airline managed to decrease its debt by $100 million during 2023.
The report indicates that the company refinanced $94.9 million of its debt, which included a $32 million loan from the Asian Development Bank and $10.2 million related to deferred leases with Dubai Aerospace Enterprise. This refinancing was facilitated by a $90 million loan from BRED Bank, which aimed to minimize interest costs and foreign exchange risks.
Fiji Airways highlighted its recovery from the COVID-19 pandemic, during which it sustained a total comprehensive loss exceeding $578.8 million from 2020 to 2022. The airline emphasized its resilience and strategic acumen throughout this period. Despite the impact of COVID-related loans and deferred aircraft lease payments on its financials, it successfully repaid $100.4 million in loans and refinanced $94.9 million of its offshore debt with domestic borrowings in 2023.
In terms of capital investment, Fiji Airways allocated $109 million for various projects, including $49 million for the second phase of the Fiji Airways Aviation Academy, $34 million for an aircraft maintenance program, and additional funds for new equipment and systems aimed at its strategic transformation.
The airline reported substantial financial growth in 2023, achieving revenues of $1.8 billion—an increase of 67 percent compared to the previous year—and total receipts of $1.9 billion, reflecting a 58 percent rise from 2022. This marks the highest earnings in the airline’s 70-year history and indicates a surpassing of its pre-COVID performance, setting a new benchmark for future operations.