[File Photo]

Fiji Airways has posted its highest earnings in its 70-year history.

Chief Executive Andre Viljoen says the national airline has reached new heights with record revenue of $1.8 billion, a remarkable 67 percent growth from 2022, and unprecedented receipts of $1.9 billion, marking a 58 percent increase compared to the previous year.

Viljoen states that Fiji Airways has achieved extraordinary success by reporting a historic record-breaking profit before income tax of $131.8 million.

He describes this as a testament to the airline’s resilience and strategic prowess.

The CEO highlights that this significant milestone underscores Fiji Airways’ ability to overcome adversity, particularly given the daunting total comprehensive loss of over $578.8 million incurred during COVID-19.

He adds that measures taken during COVID, such as new loans and aircraft lease payment deferrals, will impact the airline for years to come. The debt reached $793.9 million by the end of 2021, almost double the pre-COVID levels.

Nonetheless, in 2023, Fiji Airways managed to pay back $100.4 million in loans and refinance $94.9 million of offshore debt with domestic borrowings.

Viljoen also says the airline also invested $109 million in capital projects, with key allocations including $49 million for Phase 2 of the Fiji Airways Aviation Academy, $34 million for the aircraft maintenance program, and the balance toward new equipment and systems to support its strategic transformation initiatives.