Kenya Airways (KQ), also known as “The Pride of Africa,” has reached a historic milestone, reporting its first full-year profit in more than a decade. For the financial year ending December 31, 2024, the airline posted a net profit of KES 5.4 billion—a significant turnaround from the KES 22.6 billion loss recorded the previous year. This improvement represents a remarkable KES 28 billion recovery, or a 124% surge in net profit.
The success is largely attributed to the airline’s recovery strategy, “Project Kifaru”, which emphasizes operational efficiency, customer satisfaction, and sustainability. Allan Kilavuka, Kenya Airways’ Group Managing Director and CEO, expressed optimism, stating, “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.”
Key factors driving this turnaround include foreign exchange gains of KES 10.55 billion and a 6% increase in total revenue, which reached KES 188.4 billion. Passenger numbers rose by 4%, reaching a record KES 5.23 million, while cargo volumes grew by an impressive 25% to 70,776 tonnes. Capacity, measured in Available Seat Kilometers (ASKs), also increased by 10%.
Michael Joseph, Chairman of Kenya Airways, highlighted the significance of these results: “These achievements set records for both the highest passenger numbers and turnover in Kenya Airways’ history, reflecting our strong operational viability and resilience.”
As the only African airline in the SkyTeam Alliance, Kenya Airways connects over five million passengers annually to 45 destinations worldwide, with 37 within Africa. This historic profit reinforces the airline’s commitment to operational excellence, innovation, and sustainability, securing its position as a leading player in Africa’s aviation industry.
