Boeing commits to growth in Africa and narrows losses in Q1
April 24, 2025
Boeing has opened a new office in Addis Ababa as it eyes growth on the African continent, while the OEM’s Q1 results show the company narrowed its losses in the first three months of the year.
Leveraging growth in Africa’s’ aviation sector
With Africa’s air transport market poised for significant growth Boeing has forecast that around 1,200 new commercial aircraft will be required over the next 20 years to meet the continent’s growing air connectivity needs and drive its socioeconomic transformation. Boeing currently represents around 70% of the in-service fleet across the continent and to help maintain its footprint in the African market, the OEM has officially opened its new office in the Ethiopian capital, Addis Ababa. The opening marks the OEM’s second office on the continent with a statement from Boeing saying it “will enhance our ability to serve our airline customers and partners across the continent reinforcing our commitment to the region’s growing aerospace industry and building on our 75-year legacy in Africa.”
According to Ethiopia’s Minister of Transport and Logistics, Alemu Sime, the opening of Boeing’s African office in Addis Ababa “highlights Ethiopia’s increasing importance in global aviation and supports the wider aspiration for a connected and thriving Africa.”
Henok Teferra Shawl, Boeing Africa’s managing director added that he was delighted to welcome Abderahmane Berthe, Secretary-General of the African Airlines Association (AAFRA) as the first guest at the new office to discuss a partnership to support growth of aviation, availing of safety training for airlines and the production and deployment of sustainable aviation fuel (SAF) in Africa.
Q1 results
Meanwhile in its Q1 results, reported on Wednesday, Boeing’s first-quarter loss narrowed to $31 million as the company said it would resell some Boeing aircraft that will no longer be accepted by airlines in China amid the trade war with the US. The OEM is also seeking Federal Aviation Administration (FAA) approval this year as it looks to increase 737 MAX production, stabilising its production rate at 38 aircraft per month
Kelly Ortberg, Boeing president and CEO said, “Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality.”
Looking ahead, Ortberg said, “we continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company’s performance while navigating the current environment.”
Boeing’s Q1 results showed a net loss of $31 million, an improvement from the OEM’s $355 million loss a year earlier. Revenues rose 18% to $19.5 billion, slightly ahead of analysts’ estimates, while the OEMs aircraft deliveries rose nearly 60%. The company’s shares also rose on Wednesday to $172.37 and its total company backlog grew to $545 billion, representing over 5,600 airplanes.
The company’s defense, space and security first quarter revenue was $6.3 billion (a 10% decline from Q1 in 2024 when it saw revenues of $7 billion). However, a highlight was Boeing’s selection by the US Air Force to design, build and deliver its next-generation fighter, the F-47.
