Fiji Airways has announced a record-breaking operating revenue of $1.8 billion for the year 2023. This milestone was discussed in the Company’s Annual Report, which was presented in Parliament last week.
Nalin Patel, the Chairperson of Fiji Airways, noted that this represents the highest earnings in the airline’s 70-year history. The airline also reported an operational profit of $113.2 million, a significant recovery from a loss of $175 million in 2022.
Patel emphasized the airline’s crucial role in Fiji’s economic growth, stating that it transports up to 70 percent of all visitors to the country, contributing significantly to the nation’s Gross Domestic Product. In 2023, Fiji Airways reached a historic high by carrying 2.2 million passengers, exceeding the 2 million mark for the first time.
He indicated that 2023’s strong financial performance is due to strategic initiatives and the resilience of the national carrier. However, Patel warned that 2024 is likely to present a more challenging and competitive environment, both for the airline and Fiji as a travel destination.
He highlighted concerns such as economic uncertainty in key markets, geopolitical tensions, intense competition in the aviation sector, rising fuel prices affecting operational costs, ongoing inflation, and the impact of a stronger US dollar on operations, suggesting that 2024 will pose different challenges compared to 2023.