KQ Dreamliner/picture courtesy
Kenya Airways has announced an after-tax profit of Sh5.4 billion for the financial year ending December 31, 2024.
The airline says its turnaround follows a loss of Sh22.6 billion in the previous year, marking an improvement of Sh28 billion and a 124 percent increase in net profit.
The national carrier attributes this financial success to its strategic recovery plan, Project Kifaru, which has focused on operational efficiencies and enhancing customer service.
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The initiative has been instrumental in strengthening Kenya Airways’ financial health, positioning the company for sustained growth and stability.
The report highlights a 6 percent increase in turnover, driven by a rise in passenger numbers, while operating profit surged by 58 percent, reflecting effective cost management strategies.
Total costs increased by 9 percent, aligning with capacity growth, and passenger numbers rose by 4 percent, reaching a total of 5.23 million travelers.
Capacity offered expanded by 10 percent, as measured in Available Seat Kilometers (ASKs), and despite a growing market capacity, yield remained consistent with the previous year.
Kenya Airways Chairman, Michael Joseph, lauded the achievement, stating, “These results not only set records for the highest number of passengers and turnover in Kenya Airways’ history but also underscore our strong operational viability and resilience.
“Our commitment to customer satisfaction, operational excellence, financial discipline, and sustainability has played a key role in this turnaround.”
CEO, Allan Kilavuka, reaffirmed the airline’s focus on securing a strategic investor to ensure long-term financial sustainability.
He noted that despite global challenges such as aircraft and spare part shortages, the turnaround strategy is yielding positive results.
“We are committed to completing our capital restructuring plan to enhance liquidity, reduce financial leverage, and make Kenya Airways a more attractive investment for strategic partners,” Kilavuka said.
