Kenya Airways (KQ) has reported a significant financial turnaround, posting a net profit of KSh5.4 billion ($41.7 million) for the financial year ending December 31, 2024. This marks the airline’s first profit after more than a decade of consecutive losses, a substantial improvement from the KSh22.6 billion ($205.4 million) loss recorded in 2023.
The airline’s total revenue increased by 6% to KSh188.5 billion, driven by a 4% rise in passenger numbers and a notable 25% growth in cargo tonnage. Operating profit surged by 58% to KSh16.6 billion, reflecting effective cost management strategies. Additionally, net finance costs decreased by 67% to KSh11.1 billion.
A significant contributor to this positive outcome was foreign-exchange gains of KSh10.55 billion, contrasting with a loss of KSh15.04 billion in 2023. This gain resulted from the Kenyan shilling strengthening by over 20% against the US dollar during the year.
Kenya Airways Chairman Michael Joseph attributed the success to the airline’s recovery strategy under Project Kifaru, focusing on operational performance and exceptional customer service. He emphasized that these results demonstrate the airline’s strong operational viability and resilience.
Group Managing Director and CEO Allan Kilavuka highlighted the airline’s dedication to completing its capital restructuring plan to reduce financial leverage and enhance liquidity. He noted that despite global challenges in the aviation industry, the turnaround strategy is yielding positive results.
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