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