Kenya Airways Reports 124% Profit Surge to Ksh 5.4 Billion
Kenya Airways (KQ) PLC has recorded a remarkable financial turnaround, posting a 124% increase in profit after tax to Ksh 5.4 billion for the financial year ending December 31, 2024. This marks a significant recovery from the Ksh 22.6 billion loss reported in 2023, representing a Ksh 28 billion improvement.
This is the first time in over a decade that Kenya Airways has reported a profit, a milestone that underscores the success of its recovery strategy, Project Kifaru. The initiative, aimed at enhancing operational efficiency and customer service, has played a crucial role in the airline’s resurgence.
Kenya Airways’ total revenue grew by 6% to Ksh 188.5 billion, driven by a 4% rise in passenger numbers and a 25% increase in cargo volume. The airline transported 5.23 million passengers, while cargo tonnage surged to 70,776 tonnes.
Operating profit soared by 58% to Ksh 16.6 billion, demonstrating effective cost management. Operating costs increased by 2% to Ksh 171.9 billion, while net finance costs declined by 67% to Ksh 11.1 billion. The operating margin improved from 5.9% to 8.8%, with the net margin rising from -12.7% to 2.9%.
Kenya Airways PLC Chairman Michael Joseph hailed the airline’s success, attributing it to enhanced customer service, operational excellence, and disciplined financial management.
“The impressive financial performance underscores our commitment to sustainability, innovation, and cultural transformation,” Joseph stated.
Group Managing Director and CEO Allan Kilavuka reaffirmed the airline’s commitment to securing a strategic investor to ensure long-term sustainability.
“Despite global challenges like aircraft and engine shortages, our turnaround strategy is delivering positive results,” Kilavuka said. “We remain dedicated to capital restructuring to improve liquidity and attract investors.”
With this historic financial recovery, Kenya Airways aims to strengthen its market position, improve operational efficiencies, and continue its path toward long-term profitability. The airline’s success with Project Kifaru highlights the effectiveness of strategic planning in achieving business sustainability.
