Kenya Airways has finally broken its 11-year streak of full-year losses, posting a net profit of Ksh5.4 billion for the year ending December 31, 2024.
This marks a remarkable turnaround from the Ksh22.6 billion loss recorded the previous year, reflecting an impressive improvement of Ksh28 billion and a 124 percent surge in net profit.
Although the airline had posted a modest half-year profit of Ksh513 million, it had not reported a full-year profit since 2013.
CEO Allan Kilavuka attributed the financial rebound to the airline’s recovery strategy, Project Kifaru. The initiative has focused on boosting operational efficiency and enhancing customer experience through targeted improvements.
“Despite ongoing global challenges in the aviation industry, such as shortages of aircraft, engines, and spare parts, our turnaround strategy is delivering results. We are committed to completing our capital restructuring plan to reduce financial strain, improve liquidity, and attract strategic investors,” Kilavuka stated.
However, shareholders will have to wait longer for dividend payouts due to the airline’s negative equity position.
Kilavuka explained that Kenya Airways will reinvest the profit to strengthen its financial standing. He reaffirmed the airline’s commitment to securing a strategic investor to ensure long-term stability.
Looking ahead, Kenya Airways aims to optimize its flight network, expand its fleet, upgrade cabin interiors, and diversify its business operations. These efforts will support sustained growth while keeping up with the evolving demands of the aviation industry, Kilavuka explained.
