Fiji Airways has warned “2024 will be a very different year to 2023”, while outlining nine key points that poses challenges to its operations this year.
Fiji Airways achieved an operational profit of $113.2 million in 2023, marking the largest financial turnaround from a loss of $175 million in 2022, states its 2023 annual report that was tabled in Parliament on Friday.
The company recorded revenue of $1.8 billion, an increase of 67 per cent from 2022, and receipts of $1.9 billion, marking a 58 per cent increase compared to 2022
Chairman Nalin Patel states 2023 was marked by strong financial performance, reflecting on the company’s strategic initiatives and the resilience of its team.
“We are already seeing a more challenging and competitive landscape for 2024, not only for the airline, but for Fiji as a destination,” he said.
The challenges outlined include:
- Uncertain economic environment in key markets;
- Geopolitical tensions;
- The ongoing war in Ukraine;
- The conflict between Israel and HAMAS;
- Increased competition;
- Volatile fuel prices;
- Operational costs driven by inflation;
- Ongoing wage inflation; and
- A stronger US dollar.
“Our financial operations 2024 will be a very different year to 2023.
“Despite these challenges we remain optimistic about our ability to overcome them.
“These will have an impact on customer demand, airfares, hotel pricing and more, however, we have a team that is ready for the challenge.”
