Kenya Airways Announces Historic Profit For 2024
This achievement has significantly strengthened the company's financial health, positioning it for future growth and stability.
Marvin Chege 
Kenya Airways (KQ) has announced an after-tax profit of Ksh5.4 billion for the financial year ending December 31, 2024. This is a first for the airline in 11 years!
According to the airline, this represents a remarkable turnaround from a loss of Ksh22.6 billion reported the previous year, reflecting an improvement of Ksh28 billion and a 124% increase in net profit.
This achievement has significantly strengthened the company's financial health, positioning it for future growth and stability.
"This success highlights the effectiveness of the recovery strategy under Project Kifaru, which has focused on enhancing operational performance through various initiatives and delivering exceptional customer service through specific actions. This comprehensive strategy has been instrumental in our turnaround," Kenya Airways announced in a statement sent to Viral Tea.
Financial Performance
The airline announced that turnover rose by 6 percent, motivated by increased passenger demand. Furthermore, total costs grew by 9 percent, in line with expanded capacity. Operating profit surged by 58 percent, reflecting improved efficiency.
Kenya Airways planes at Jomo Kenyatta International Airport (JKIA) in Nairobi. /KATA
Operational Performance
Kenya Airways saw its capacity, measured in Available Seat Kilometers (ASK), grow by 10 percent in 2024. Furthermore, passenger numbers increased by 4 percent, reaching 5.23 million, numbers that represent a record for the airline.
Despite the stellar results, KQ's yield remained steady despite heightened market competition.
Commenting on the historic financial performance, Kenya Airways PLC Chairman Michael Joseph stated, "These results not only set records for the highest number of passengers and turnover in Kenya Airways' history but also signify our strong operational viability and resilience.
"The impressive financial performance underscores our ongoing commitment to customer focus, operational excellence, financial discipline, cultural transformation, innovation, and sustainability," Joseph remarked.
Allan Kilavuka, Kenya Airways’ Group Managing Director and CEO, mentioned that the airline is still focused on attracting a strategic investor to ensure long-term sustainability.
"Despite the ongoing global challenges faced by the aviation industry, such as shortages of aircraft, engines, and spare parts, our turnaround strategy is yielding positive results. We are dedicated to completing our capital restructuring plan to reduce financial leverage, enhance liquidity, and remain an attractive investment for strategic investors," he weighed in.
Looking ahead, Kenya Airways is committed to optimizing its network, investing in fleet expansion, modernizing cabin interiors, and diversifying business segments to ensure sustainable growth while adapting to the evolving dynamics of the aviation industry.
The financial results for the airline in 2024 are a motivator, building on the half-year results of 2024, where it achieved a profit after tax of Ksh513 million, from the Ksh21.7 billion loss reported in the period ending June 30, 2024.
In mid-February, KQ celebrated another significant milestone: the acquisition of a Boeing 737-800 NG aircraft, growing its fleet to 35 aircraft.
The last time KQ expanded its fleet of passenger aircraft was 10 years ago in 2015 when a Boeing 787 Dreamliner nicknamed 'Magical Kenya', arrived at the Kenya Airways’ facilities in April 2015, new from Boeing’s facilities in Charleston, United States (US), bringing the tally of 787s on KQ's fleet currently to nine.
