Lebanese flag-carrier Middle East Airlines is claiming a full-year net profit of $88.8 million for 2023, despite the economic stresses on the country and the initial indications of regional conflict.

MEA says the profit figure – up 85% from 2022 – follows a 20% increase in passenger revenues, to $725 million, while expenses rose by just 13%.

Around 55% of the revenues was sourced through services between Beirut and Middle Eastern destinations, with another 39% attributed to European flights and the remainder to African routes.

Lebanon has been experiencing the “biggest crisis” since its independence, says MEA, with the combination of the pandemic, the Beirut port explosion in 2020, a collapse of the economy, and the impact of the Israel-Gaza conflict.

Currency depreciation and hyperinflation have resulted in differing exchange rates emerging, says the carrier, outside of the official peg of LL15,000 to the US dollar imposed in February 2023 – itself a sharp decline from the previous rate of just over LL1,500.