Kenya Airways reports KShs 5.4 billion profit, marking a stunning turnaround
OUR OWN CORRESPONDENT IN NAIROBI
Kenya Airways PLC has reported an after-tax profit of KShs 5.4 billion (US$ 41.9 million) for the financial year ending December 31, 2024.
This marks a dramatic recovery from the previous year’s loss of KShs 22.6 billion (US$ 175.5 million), reflecting a KShs 28 billion (US$ 216.4 million) improvement and a 124% increase in net profit.
This financial rebound significantly strengthens the airline’s position for future growth and stability. The success is attributed to the implementation of Project Kifaru, a recovery strategy focused on improving operational performance and enhancing customer service through targeted initiatives.
Revenue grew by 6%, driven by an increase in passenger numbers, while total costs rose by 9%, in line with capacity expansion. Operating profit surged by 58%, demonstrating strong cost management, and net profit saw a remarkable 124% improvement, highlighting the airline’s financial turnaround.
On the operational front, capacity, measured in Available Seat Kilometers (ASKs), increased by 10%. Passenger numbers grew by 4%, reaching 5.23 million. Despite a rise in market capacity, yield remained consistent with the previous year, reflecting stability in pricing and demand.
Kenya Airways’ turnaround underscores the effectiveness of its strategic initiatives and reinforces its position as a key player in the aviation industry.
