EGYPT: EgyptAir Aims to Pay Off Accumulated Losses by 2029
CAIRO, Egypt: Civil Aviation Minister Sameh El-Hefny said EgyptAir has reduced its accumulated losses from EGP 31.5 billion (USD 570 million) to EGP 5.9 billion (USD 107 million) and is targeting their elimination within two years.
CAIRO, Egypt
- Civil Aviation Minister Sameh El-Hefny said EgyptAir has reduced its accumulated losses from EGP 31.5 billion (USD 570 million) to EGP 5.9 billion (USD 107 million) and is targeting their elimination within two years. He gave the figures at the Egypt 2026 forum on 22 October.
- The state-owned carrier is therefore still reliant on state assistance. In the first half of 2026, EgyptAir received EGP 350 million (USD 6.7 million) in direct support from the Egyptian Export Development Fund as part of an export-subsidy package. The Fund disbursed EGP 19.37 billion overall in the period.
- In early September, the Official Gazette recorded a reset of EgyptAir Airlines’ capital. Authorised capital was set at EGP 10 billion (USD 196 million at the then rate of EGP 50.95/USD) and issued and paid-in capital at EGP 9 billion (USD 177 million), in 90 million shares of EGP 100. The change took effect on 3 September under Law 203 of 1991.
- A separate notice the same week adjusted the capital of EgyptAir Medical Services. Authorised capital was set at EGP 300 million (USD 5.9 million) and issued and paid-in capital at EGP 182.4 million (USD 3.6 million). Conversion at EGP 50.95/USD on 6 September 2026.
- Both companies remain wholly owned by EgyptAir Holding, created by Presidential Decree 137 of 2002. The September notices updated the legal definitions; they did not specify whether new cash was injected.
- EgyptAir Holding’s last published group briefing, for FY 2024/25, reported unaudited combined revenue of EGP 69 billion (USD 1.35 billion) and net profit after tax of EGP 4.1 billion (USD 80 million), with long-term debt reduced to EGP 24.6 billion (USD 483 million).
- El-Hefny restated the revised fleet targets of 125 aircraft before 2030 and 200 by 2035. EgyptAir Holding Chairman Ahmed Adel said in September that the carrier expects four more aircraft by year-end (three 737 MAX 8s and one A350), is negotiating with AerCap for additional widebodies, and will issue an RFP to manufacturers and lessors in the coming months. A 34-aircraft package of 18 737 MAX and 16 A350-1000s is intended to cover the next three to five years.
- Air Cairo’s fleet has grown from six aircraft six years ago to 43 today, with targets of 80 by the end of 2029 and 134 by 2034. Air Cairo Chairman Hussein Sharif has said the carrier’s Airbus order covers 15 firm A320neo (LEAP-1A) with deposits paid plus 15 options, with deliveries cited as five each in 2028, 2029 and 2030 (or potentially as a single batch in January 2028). The remaining 15 will be decided in 2028. Funding will come largely from internal revenue. Air Cairo is also preparing for its first A330 widebody operations. The airline currently operates 19 A320neo, 12 A320ceo, five ATR72-600s and three E190s. EgyptAir holds about 60 percent of Air Cairo.
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