Air Seychelles posted a profit of $8.4 million in 2022 after completing a formal restructuring, marking its first year in the black for six years.

The result represents a sharp recovery on the loss of $22.7 million it incurred in 2021 amid the Covid crisis.

Air Seythelles A320neo Airbus

Source: Airbus

The year was notable for Air Seychelles exiting administration after more than a year, in November 2022. The $8.4 million profit excludes debt write-off gains related to its reorganisation. Including those gains, the airline earned a $119.6 million profit last year.

The results came on revenue that reached 93% of 2019 levels – though Air Seychelles does not specify the figure. It adds that turnover exceeded 2019 levels during the fourth quarter and that it trebled its number of passengers carried last year, to 74,000. The carrier’s busiest routes were those to Johannesburg and Tel Aviv, while the airline also added flights to Kazakhstan late in 2022.

Cirium fleets data shows the airline operates a pair of Airbus A320neos and five De Havilland Canada DHC-6s.

Air Seychelles, at one point part-owned by Etihad Airways as part of an equity-alliance strategy, is now fully-owned by the Seychelles government.