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Air Seychelles, the national airline made a profit of $8.4 million for the year 2022 and is well on the path of surpassing its five-year plan. The airline had a loss of $22.7 million in 2021 and last year was one of exceptional recovery for the company.
Air Seychelles, the national airline made a profit of $8.4 million for the year 2022 and is well on the path of surpassing its five-year plan. The airline had a loss of $22.7 million in 2021 and last year was one of exceptional recovery for the company.
Prior to the start of 2022, the airline had suffered the effects of the COVID-19 pandemic, which included the shutting down of its key routes and the shrinking of its revenue streams. Whilst undergoing an administration process, Air Seychelles paid the agreed settlement of $28.16 million owed to the bondholders in May 2022. The payment was made from a $16.5 million bank loan from Nouvobanq and $11.7 million of Air Seychelles’ cash reserves.
Air Seychelles went into administration in October 2021 after it faced financial difficulties. This was mainly due to significant debt that was incurred during the stewardship of the airline by Etihad Airways, which was previously a 40 percent shareholder in the company. It was removed from administration on November 14, 2022, after a rescue plan for Air Seychelles was presented to the court in November 2022.
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In June 2023, its debts were reduced to a sum of $29.3 million – $14.6 million owed to Nouvobanq and $14.7 to the Seychelles government. At the end of June 2023, the value of the company stands at $24.5 million, a positive result that means the company is solvent as its assets are more than its liabilities as its financial status has improved by $109.5 million in the past two years. The performance of Air Seychelles is surpassing its five-year plan.
Air Seychelles, the national airline of Seychelles, was established in 1978 and began long-haul service in 1983. The airline offers international and domestic flights to over 12 airlines operating at the Seychelles International Airport at Pointe Larue.
