Fiji Airways had a debt of $682m in 2023, reveals its 2023 annual report that tabled in Parliament on Friday.
The name of the creditors isn’t revealed in the report.
The annual report shows the company’s total debt in the last 10 years was: 2014 ($632m); 2015 ($601m); 2016 ($540m); 2017 ($475m); 2018 ($425m); 2019 ($417m); 2020 ($584m); 2021 ($793m); 2022 ($784); and 2023 ($682m).
The company reduced its debt level by $100 million in 2023, states the company.
“The group refinanced $94.9m of debt, including a $US32m ($F72.6m) ADB loan and $US10.2m ($F23.1m) in deferred leases for Dubai Aerospace Enterprise,” states the annual report.
“This was achieved through a $90m borrowing from BRED Bank, aimed at reducing interest costs and foreign exchange exposures.”
Fiji Airways states it emerged from the challenges of COVID, where it recorded total comprehensive loss of over $578.8m from 2020 to 2022.
“It is a testament of our resilience and strategic prowess.
“As a result of the measures taken during COVID, where new loans were taken along with aircraft lease payment deferrals, this will impact us for years to come.
“The debt reached to $793.9m by the end of 2021, almost double from pre-COVID levels.
“Nonetheless, during the year 2023, we have managed to pay back $100.4m in loans and refinanced $94.9m of offshore debt with domestic borrowings.”
Fiji Airways said in 2023 it invested $109m in capital projects, with key allocations including $49m for phase 2 of the Fiji Airways Aviation Academy, $34m for the aircraft maintenance program and the balance towards new equipment and systems to fund our strategic transformation initiatives.
In 2023, Fiji Airways recorded a revenue of $1.8 billion, a 67 per cent growth from 2022, and receipts of $1.9 billion, marking a 58 per cent increase compared with 2022.
“This is the highest earnings posted by our national airline in its 70-year history.
“These outstanding results not only demonstrate our remarkable growth in 2023, but also surpass our pre-COVID performance, setting a new benchmark for our future endeavours.”
