Kenya Airways PLC has announced an after-tax profit of KSh5.4 billion for the financial year ending December 31, 2024.
This represents a remarkable turnaround from a loss of KSh22.6 billion reported the previous year, reflecting an improvement of KSh28 billion and a 124% increase in net profit.
This achievement has significantly strengthened the company’s financial health, positioning it for future growth and stability.
This success highlights the effectiveness of the recovery strategy under Project Kifaru, which has focused
on enhancing operational performance through various initiatives and delivering exceptional customer service through specific actions. This comprehensive strategy has been instrumental in our turnaround.
Financial Highlights:
- Turnover rose by 6%, driven by increased passenger numbers.
- Total costs increased by 9%, aligning with capacity growth.
- Operating profit surged by 58%, showcasing effective cost management.
- Profit after tax saw a remarkable improvement of 124%.
Operational Highlights:
- Capacity offered increased by 10%, measured in Available Seat Kilometers (ASKs).
- Passenger numbers grew by 4%, reaching an impressive total of 5.23 million.
- Despite the increase in market capacity, yield remained consistent with the previous year.
Commenting on the historic financial performance, Kenya Airways PLC Chairman Michael Joseph stated, “These results not only set records for the highest number of passengers and turnover in Kenya Airways’
history but also signify our strong operational viability and resilience. The impressive financial performance underscores our ongoing commitment to customer focus, operational excellence, financial discipline, cultural transformation, innovation, and sustainability.”
Allan Kilavuka, Kenya Airways’ Group Managing Director and CEO, mentioned that the airline is still focused on attracting a strategic investor to ensure long-term sustainability.
“Despite the ongoing global challenges faced by the aviation industry, such as shortages of aircraft, engines, and spare parts, our turnaround strategy is yielding positive results. We are dedicated to completing our capital restructuring plan to reduce financial leverage, enhance liquidity, and remain an attractive investment for strategic investors.”
Looking ahead, the national carrier is committed to optimizing its network, investing in fleet expansion, modernizing cabin interiors, and diversifying business segments to ensure sustainable growth while adapting to the evolving dynamics of the aviation industry.
