Fiji Airways reported a debt of $682 million in its 2023 annual report presented in Parliament on Friday. The identities of the creditors remain undisclosed.
The report details the company’s total debt over the past decade, showing figures of $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 company decreased its debt by $100 million in 2023.
In the report, Fiji Airways stated it refinanced $94.9 million of debt, which includes a $32 million ADB loan and $10.2 million in deferred lease payments for Dubai Aerospace Enterprise. Additionally, a $90 million loan from BRED Bank was secured to lower interest costs and minimize foreign exchange risks.
Emerging from the challenges posed by the COVID-19 pandemic, Fiji Airways recorded a total comprehensive loss exceeding $578.8 million from 2020 to 2022. The airline emphasized its resilience and strategic capabilities, noting that COVID-related measures, including new loans and deferred aircraft lease payments, would have lasting effects.
By the end of 2021, the airline’s debt had surged to $793.9 million, nearing double the pre-pandemic levels. However, in 2023, the airline successfully repaid $100.4 million in loans and refinanced $94.9 million of offshore debt through domestic borrowings.
Fiji Airways invested $109 million in capital projects during 2023, with significant allocations of $49 million for phase 2 of the Fiji Airways Aviation Academy, $34 million for the aircraft maintenance program, and the remainder for new equipment and systems to support strategic transformation initiatives.
The airline achieved a revenue of $1.8 billion in 2023, marking a 67 percent increase from 2022, with total receipts reaching $1.9 billion, a 58 percent rise compared to the previous year. This represents the highest earnings recorded by Fiji Airways in its 70-year history, establishing a new benchmark for future growth and performance surpassing pre-COVID figures.