Annual Report & Accounts 2024

Summary

fastjet returned to profitability in 2024 with group net profit US$2.7m on revenue US$64.9m (passengers -15% to 274,860; RPP +5% to US$162.5; ASK -18%; load factor ~76%), driven by FedAir’s turnaround (profit US$2.3m vs US$49k) and Central’s US$4.0m income, while fastjet Zimbabwe posted a US$576k loss (US$1.1m profit excluding a US$1.6m one‑off impairment); year‑end cash US$8.0m, borrowings US$16.3m (net debt ~US$10.7m). Key market drivers and risks are Zimbabwe’s currency volatility, Open‑Skies competition, regulatory approvals, crew shortages, FX and fuel exposure; management raised US$10.5m (Feb 2025) and US$5m (Jun 2025) post‑period to buy aircraft, repay shareholder debt and fund fleet upgrades (including larger aircraft for Zimbabwe and a new Harare–Lusaka route), with downside sensitivities of a 5% load‑factor fall = –US$2.7m cash, 10% fare drop = –US$5.8m, and a 20% fuel rise = –US$3.2m.