EgyptAir’s decision to sell its fleet of Airbus A220-300s was the result of losses as the fleet became inactive owning to engine problems, the carrier confirms in a financial statement.
The airline had 12 of the twinjets in its fleet, the first of which it received in September 2019.
But in February this year US-based lessor Azorra revealed that it had agreed to purchase all 12 of EgyptAir’s A220s.
Terms of the transaction were not disclosed. Azorra remarked that the twinjets were “well-maintained” with “freshly-overhauled, updated engines”.
The A220 is exclusively powered by Pratt & Whitney 1500Gs which, at the time, had been experiencing durability issues, while supply-chain issues were holding up replacement and repair work.
According to EgyptAir’s latest full-year financial statement, covering the 12 months to 30 June 2023, the A220s had been leased to the carrier at $38 million annually.
But the statement adds: “This sale [of the fleet] is due to continuous presence of defects in the engines of this type, successive cessation of operation and their continued presence under repair until the present date.
“Most of the aircraft stopped operating as a result during most periods of the year – a number that reached seven [inoperative] aircraft in June 2023.”
EgyptAir says the model generated operating losses for the year of around $1 million, on top of losses for the previous fiscal year, 2021-22, of around $29.6 million.
Its financial statement shows that its full-year net profit to the end of June 2023 reached E£2.4 billion ($51 million), in contrast with the prior loss of E£3.5 billion.
EgyptAir generated revenues of E£57.1 billion.
It attributes its profitability partly to greater activity, including a 30% rise in block hours, as well as discounts such as those for fees at Cairo airport.
