Sharp Daily
No Result
View All Result
Saturday, June 28, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya Airways CEO forecasts return to profitability by 2024

Brian Murimi by Brian Murimi
October 25, 2023
in News
Reading Time: 1 min read

Kenya Airways CEO Allan Kilavuka painted an optimistic picture of the airline’s future while appearing before the National Assembly’s transport committee on Tuesday, forecasting a return to profitability by 2024.

Kilavuka guaranteed legislators the airline would be profitable based on current financial projections during his testimony before the committee, which is chaired by Ndia MP George Kariuki.

“We are confident that Kenya Airways will return to net profitability in the financial year 2024,” Kilavuka told lawmakers.

He said Kenya Airways’ expected growth was fueled by a 56% increase in group revenue, reaching KES 75 billion in 2022. Passenger numbers surged to 2.3 million, a 43% jump from 1.6 million the previous year. This signified a 131% gross profit improvement.

RELATEDPOSTS

Kenya Airways records profit after more than a decade of losses

March 26, 2025

Kenya Airways halts Mauritius flights as cyclone threat looms

February 28, 2025

However, Kilavuka cautioned that the airline still faced daunting challenges, including KES 86 billion in debt incurred during years of losses. Kenya Airways is also grappling with capacity dumping from larger Middle Eastern and European airlines like Emirates and KLM which can offer lower fares on routes to and from Nairobi, resulting in unfair competition, according to Kilavuka.

Legislators pressed Kilavuka for assurances about the airline’s continued performance improvement after years of losses. They also questioned why the company had experienced significant financial shortcomings in 2019 and 2020 despite receiving government bailouts and loan guarantees.

In response, Kilavuka touted the airline’s new cost-cutting measures and route network expansions to underserved markets like central Africa. He said these strategies would help Kenya Airways reduce its reliance on competitive Europe routes.

Committee chairman Kariuki said lawmakers are prepared to assist with policy changes to address issues faced by the national carrier.

“We as a committee are keen on seeing that Kenya Airways as a national carrier continues undergoing consistent improvement. We will step in should the need arise for policy enactment,” Kariuki told airline executives.

Previous Post

How investing wisely can shield against inflation in Kenya

Next Post

Kenyan shilling overvalued up to 25 percent, Central Bank says

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

News

Private vs Public Pension Funds in Kenya

June 27, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025

LATEST STORIES

Private vs Public Pension Funds in Kenya

June 27, 2025

The mechanics of currency manipulation

June 27, 2025

Understanding how to access your pension savings in Kenya.

June 27, 2025

What happened to president Ruto’s economic dream?

June 27, 2025

Opinion: Populism feeds votes, not growth

June 27, 2025

Competitive advantages of small businesses

June 26, 2025

Opinion: Invest in sports for national prosperity

June 26, 2025

Ethiopia’s access to Eritrean ports is a game-changer for trade

June 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024