In the midst of many of the world’s top airlines struggling to survive, Ethiopian Airlines has announced record profits last year. Their profit more than doubled from the year before to $118.6 million. The profits are accredited to cost cuts and a new aggressive marketing campaign.

The African carrier saw rises across the board, from passengers numbers to revenue per passenger to cargo. Cargo revenue went up almost 40 per cent from the year before.

“Our profits increased due to an aggressive marketing campaign and a major cost-cutting effort,” a spokeswoman for the airline said. “We introduced seven new routes which also contributed to our growth, including routes to Saudi Arabia and Nigeria.”

The airline has plans to re invest its profits and then some. They have placed orders five new 777-200LR Boeing long haul planes, as well eight medium range Airbus’ and eight turboprops from Bombardier. This marks a massive expansion for the airline. The new planes will cost $4.5 Billion.

The airline has stated that down payments have already been made for all their new aircrafts and they are planning to get some financing from western banks for their further expansion.