Kenya Airways Records First Ever Profits in Eleven Years

Kenya Airways has announced the highest ever net profit recorded of KShs 5.4 billion for Financial Year 2024, marking Kenya Airways’ first ever profit in 11 years.

Kenya Airways Group Managing Director and CEO Allan Kilavuka noted that this is a testament that the recovery strategy is bearing fruit. These results are remarkable because they also mark the highest number of passengers the airline has ever uplifted, and the highest turnover attained in the history of the airline.

Thanks to these efforts, Kenya Airways has closed the year stronger, more resilient, and firmly on track for sustainable growth. Going forward, Kenya Airways will continue to build on the gains made in the Airline’s turnaround strategy, Project Kifaru. The focus is on completing the capital restructuring plan, whose main objectives are to reduce the Group’s financial leverage and increase liquidity to ensure the company can operate at normalized levels.

Kenya Airways Ag Chief Financial Officer Mary Mwenga remarked that 2024 financial year results reflect a year of disciplined execution and steady progress in Kenya Airways’ turnaround plan. Total revenue grew by 6% to Kshs 188 billion mainly driven by 4% higher passenger numbers and 25% growth in cargo tonnage. The continued focus on cost management and restructuring initiatives has delivered tangible results, keeping Kenya Airways on track towards profitability. To this extent, direct operating costs were up to 1% whereas fleet ownership costs increased by 7% in-line with increase in capacity deployed.

Total cost was 9% lower than prior year mainly due to savings on overheads and a reduction in net finance costs due to a stable currency.  Ms. Mwenga thanked her clients and partners, for their trust and support. “Together we are driving Kenya Airways’ recovery and delivering strong performance” She noted.

“As we look to the future, we remain focused on expanding our network, investing in our people, and enhancing the travel experience for our customers. We are grateful to the Kenya Airways staff, the government of Kenya, our customers, our partners and our investors for the unwavering support as we continue to build a stronger, more sustainable airline. Together we are driving Kenya Airways’ recovery and delivering strong performance as we expand our network with new routes such as Mogadishu, Maputo and Eldoret offering greater convenience and improving regional connectivity. ”Mr. Kilavuka concluded.