Kenya Airways has delivered an impressive Ksh 5.4 billion profit after tax for the year ending December 31, 2024, marking an extraordinary recovery from the previous year’s loss of Ksh 22.7 billion.
The airline’s record-breaking performance signals a remarkable turnaround, largely fueled by a 4% rise in passenger numbers, pushing the total to 5.23 million, and a solid 10% boost in operational capacity.
The uptick in passenger traffic, alongside improved financial discipline, has helped Kenya Airways dramatically increase its operating profit by 58% to Ksh 16.2 billion, compared to Ksh 10.5 billion in 2023.
KQ Chairman Michael Joseph attributed this success to a sharp focus on customer service, operational excellence, and sustainability, alongside a commitment to financial discipline and innovation.
“This profit is a testament to the resilience and transformation of Kenya Airways,” said Joseph.
“Our approach is rooted in operational improvements and an unwavering dedication to the customer experience.”
The airline also benefitted from a favorable currency environment.
A stable shilling helped Kenya Airways avoid the crippling forex losses that plagued it in 2023, with the company recording a Ksh 10.6 billion gain from forex cash flow hedges, compared to a Ksh 15 billion loss the previous year.
Despite the impressive profits, Kenya Airways faces challenges that could hinder its continued recovery.
The airline’s ambitious “Project Kifaru” strategy, aimed at expanding and modernizing its fleet, faces roadblocks in the form of a shortage of new aircraft, engine parts, and insufficient capital to fuel growth.
The airline has made it clear that while 2024’s performance sets a strong foundation, the next phase of its recovery will depend on overcoming these critical hurdles.
With rising revenues and a steady trajectory, Kenya Airways is positioning itself as a formidable player in the competitive aviation industry.
However, its path forward will hinge on navigating external challenges while maintaining operational excellence and customer satisfaction.
Stay tuned for more updates as Kenya Airways continues to redefine the skies in 2025.
