Fiji Airways disclosed a debt of $682 million in its 2023 annual report presented to Parliament on Friday. The report does not specify the names of its creditors.
The document details the company’s total debt over the past decade, showing figures for each year: 2014 ($632 million), 2015 ($601 million), 2016 ($540 million), 2017 ($475 million), 2018 ($425 million), 2019 ($417 million), 2020 ($584 million), 2021 ($793 million), 2022 ($784 million), and 2023 ($682 million). Notably, the airline managed to reduce its debt by $100 million in 2023.
According to the report, the company refinanced $94.9 million of its debt, which included a $32 million (approximately $72.6 million FJD) loan from the Asian Development Bank and $10.2 million ($23.1 million FJD) in deferred lease payments to Dubai Aerospace Enterprise. This refinancing was supported by a $90 million loan from BRED Bank, aimed at minimizing interest expenses and foreign exchange risks.
Fiji Airways noted that it has started to recover from the effects of COVID-19, having recorded a total loss exceeding $578.8 million from 2020 to 2022. The airline emphasizes its resilience and strategic capabilities in navigating these challenges.
Despite a peak debt of $793.9 million at the end of 2021—nearly double pre-COVID levels—the company successfully repaid $100.4 million in loans and refinanced $94.9 million of offshore debt with domestic borrowings in 2023.
Throughout the year, Fiji Airways invested $109 million in capital projects. Significant allocations included $49 million for the second phase of the Fiji Airways Aviation Academy and $34 million for an aircraft maintenance program, with the remainder directed towards new equipment and systems to support strategic transformation initiatives.
In terms of financial performance, Fiji Airways reported revenues of $1.8 billion for 2023, marking a 67 percent increase from the previous year, along with total receipts of $1.9 billion—a 58 percent rise compared to 2022. This marks the highest earnings in the airline’s 70-year history, exceeding pre-COVID performance and establishing a new benchmark for future endeavors.