Air Seychelles profit surges to Sh294.4 million

Air Seychelles has recorded a net profit of $3.2m (Sh294.4 million) for the year ending 2014.

The results exceed last year’s profit of $3 million (Sh183 million), following Etihad Airways’ acquisition of a 40 per cent share in the airline in 2012, and a turnaround that created sustainable business.

Total revenue increased by 20 per cent to $106.9 million (Sh9.752 billion), compared to $88.7 million (Sh8.09 billion) in 2013. Passenger revenue accounted for $81 million (Sh745 million) – up from $66 million (Sh608 million) in 2013.

Cargo tonnage for the same period rose by 34 per cent to 7,311 tonnes, up from 5,441 tonnes in 2013.

“The continued strengthening of the business is is as a result of effective management team, committed workforce and strong partnership with Etihad Airways,” said Air Seychelles Board Chair Joël Morgan.