File image of a Kenya Airways Plane.
Kenya Airways has announced a record after-tax profit of Ksh5.4 billion for the year ended December 31, 2024, the first profit in 11 years.
Kenya Airways Group CEO Allan Kilavuka, while speaking on Tuesday, credited the airline’s financial success to the effective implementation of its restructuring plan.
“Kenya Airways has achieved the highest ever profit after-tax of KSh 5.4 billion for the financial year ended 31st December 2024. This is a testament that the recovery strategy is bearing fruit. These results are remarkable because they also mark the highest number of passengers that the airline has ever uplifted and the highest turnover attained in the history of the airline,” Kilavuka said.
He also thanked the Kenyan government and investors for supporting the airline and ensuring its success.
“We are grateful to the Government of Kenya and our investors for their unwavering support as we continue to build a stronger, more sustainable airline. Kenya Airways is ready for the future, connecting Africa to the world, and the world to Africa,” he added.
KQ Chairman Michael Joseph stated that in 2024, the national carrier reaffirmed progress in its turnaround strategy, Project Kifaru, achieving record-breaking milestones, including the highest number of passengers carried, the highest turnover, and the highest profit in the airline’s history.
The total revenue collected by KQ rose by 6% to Ksh 188.5 billion, driven by a 4% increase in passenger numbers as well as 25% growth in cargo tonnage.
Cargo volumes increased by 25 percent to 70,776 tons, while profit before tax was Ksh5.5 billion, compared to a loss of Ksh22.8 billion in 2023.
In 2018, Kenya Airways went insolvent after an expansion drive left it hundreds of millions of dollars in debt.
KQ has been relying on government financial support, and in January the government repaid a $150 million loan the airline received from local commercial banks.
