Ethiopian Airlines says 2016 challenging yet profitable

Ethiopian Airlines (Ethiopian), a major airline in Africa, recorded fast and profitable growth in 2016, which it said was an "exceptionally challenging year for the African Aviation industry."

"Commodity exporting countries in general and oil exporting African countries in particular have been hit hard by the global decline of commodity prices," CEO of Ethiopian Airlines Tewolde GebreMariam said in a statement on Tuesday.

"As a result, demand for air travel has been suppressed and the shortage of foreign exchange has severely affected the financial performance of airlines in the continent," he said.

The CEO said the airline's past year nevertheless has been highlighted by fleet and network expansion as well as significant investment in customer services.

Ethiopian has increased its fleet by 8 aircraft in 2016 and has closed the year with 82 airplanes in service, said the statement, adding that for the first time in its history, Ethiopian has diversified to include Airbus aircraft, with Africa's first A350.

Ethiopian, one of the continent's leading carriers, registered an average annual growth of 25 percent in the past seven years, according to the statement.

The airline is currently implementing a 15-year strategic plan called Vision 2025 that aims to make it the leading aviation group in Africa. Endit