FOREIGN exchange pressures weighed heavily on the operations of flag carrier Fiji Airways, whose 2024 annual report was tabled in Parliament recently, where is reported a loss after income tax of $25million due to unrealised foreign exchange losses of $83.5 million on USD-denominated lease obligations, following the strengthening of the US dollar.Results for the financial year however were mixed;
-Operating revenue: $1.85m – the highest in company history;
-Passengers carried: 2.3m (+5.1 per cent vs 2023);
-Cash position: $375.2m (+20.3 per cent);
-Operational net cash inflow: $323.7m;
-Capital expenditure: $117.4 million, including major fleet and Academy investments;
-All offshore debt was fully repaid by September 2025.
“For the period (FY January 1 to December 31, 2024), Fiji Airways produced another year of strong network performance, fleet investments and continued global recognition,” the company said in a statement.
“Despite intense trans-Pacific competition, rising operating costs and foreign exchange pressures, Fiji Airways maintained strong liquidity, expanded its global footprint and continued major investments in fleet, training and local talent development.
The company’s cash position of $375.2m at the end of December 2024 was supported by $2.1 billion in operating receipts.
“Cash reserves, liquidity and fleet strength continue to provide a solid foundation for the airline’s future financial resilience,” it stated.
Board chairman Nalin Patel said the Fiji Airways team continued to demonstrate resilience and professionalism in a highly competitive global aviation environment.
“Their dedication is the backbone of our service quality and operational strength,” he said.
“Looking ahead, our priority is to build on this momentum – strengthening partnerships, enhancing the customer experience and ensuring Fiji Airways continues to proudly represent our nation on the world stage.”
