RwandAir plans to expand its fleet size by 100% over the next five years to support an impressive 82% increase in revenue for 2023, driven by a surge in tourism, investments in cargo services, and the development of Kigali as a key hub, as stated by CEO Yvonne Makolo in an interview with The New Times newspaper.

Makolo highlighted that the airline’s revenue reached RWF620.6 billion (USD461 million) in 2023, a significant rise from RWF341 billion (USD253 million) in 2022, as detailed in the Rwanda Fiscal Risk Statement (FRS) for the financial year 2023-24, released by the Ministry of Finance and Economic Planning (MINECOFIN). This growth marks a recovery for the airline following the downturn caused by the Covid-19 pandemic, which saw revenues drop to RWF270 billion (USD200 million) in 2021, down from RWF300 billion (USD223 million) in 2020 and RWF334 billion (USD248 million) in 2019.

During the period from 2019 to 2023, government support amounted to RWF745.3 billion (USD555 million), with annual grants increasing from RWF131 billion (USD98 million) in 2019 to RWF192.3 billion (USD143 million) in 2023.

The report also indicates that the Rwandan government guaranteed RWF40.6 billion (USD30.1 million) in external debt for RwandAir for the year ending December 2023, while the airline's non-guaranteed debt was recorded at RWF62.5 billion (USD46.3 million).

In her remarks to The New Times, Makolo stated, “We are dedicated to establishing ourselves as a significant hub in Africa, facilitating connections throughout the continent. Our growth will be primarily organic, and we anticipate doubling our fleet in the next five years to enhance our short- and long-haul service offerings.”

As reported by the ch-aviation fleets module, RwandAir operates a diverse fleet consisting of 14 aircraft. This includes three A330 widebody models (two A330-200s and one A330-300), six B737 narrowbody passenger aircraft (one B737-700 and five B737-800s), a B737-800(SF) freighter, and a regional fleet made up of two CRJ900 jets and two DHC-8-Q400 turboprops. RwandAir has previously announced plans to streamline its fleet, with the B737-700 and the two CRJ900s scheduled for retirement, while also aiming to expand its widebody fleet.

Makolo emphasized that the airline's investment strategy will prioritize cargo expansion. Earlier this year, RwandAir initiated two new cargo routes to Dubai World Central and Djibouti, with intentions to announce additional routes in the future, supported by new aircraft deliveries. She mentioned that a widebody freighter, likely an A330, is currently under consideration.

Investing in cargo services is a key focus for the airline, aligning with Rwanda’s broader objectives to enhance trade and global connectivity. An expanded cargo network would facilitate the export of fresh produce to Europe, the Middle East, and Africa, while also enabling the import of essential items such as mechanical components and pharmaceuticals.

Makolo has previously stated to ch-aviation that the airline’s fleet decisions will be in accordance with the fleet strategy of its new 49% equity partner, Qatar Airways (QR, Doha Hamad International).

Additionally, RwandAir aims to broaden its passenger flight network to access new markets, demonstrating its commitment to investment and strengthening business partnerships. Beyond its intra-African services, the airline plans to seek new opportunities to enhance travel, tourism, and trade as part of its strategic growth initiatives.

She highlighted the significant impact of RwandAir on enhancing tourism, which has led to a remarkable influx of 1.4 million visitors to Rwanda in 2023, nearly tripling the figures from 2021. Additionally, Kigali has emerged as a premier conference destination in Africa, now holding the second position after Cape Town, South Africa.

As Kigali continues to develop as a central hub in East Africa, the airline's revenue growth is also linked to a rise in transit traffic. Makolo noted that over 60% of RwandAir's passenger traffic comes from transit travelers.