Kenya Airways Posts KSh 5.4B Profit as Chairman Michael Joseph Retires
Kenya Airways (KQ) held its annual general meeting (AGM) on Friday, celebrating a remarkable turnaround with a net profit of KSh 5.4 billion in 2024, a stark contrast to the KSh 22.7 billion loss recorded in 2023.
The airline’s total income rose 5.6% to KSh 188.5 billion, driven by operational discipline, financial restructuring, and customer-centric innovation.
Speaking at the AGM, KQ CEO Allan Kilavuka credited the stabilization of the Kenyan shilling, which recovered from historic lows against the US dollar, as a key factor in the airline’s improved financial performance.
“A strong and stable currency created an economic environment that enabled our airline to perform well in 2024,” Kilavuka said.
KQ Chairman Michael Joseph highlighted the airline’s resilience and operational excellence, noting that 2024 marked record passenger numbers and turnover. “Despite challenges, our airline emerged stronger, delivering a historic turnaround that should reassure our stakeholders,” Joseph said.
Joseph, who joined the board in 2016 and served as chairman for nine years, officially retired during the AGM. His tenure encompassed navigating the COVID-19 pandemic, implementing major reorganisations, and restoring profitability. Under his leadership, Kenya Airways also resumed share trading on the Nairobi Securities Exchange.
In 2024, Joseph earned KSh 18.225 million, reflecting his pivotal role in guiding the national carrier through a transformative period.
