Kenya Airways has announced a full year net profit of Sh5.4 billion. This marked the first full year net profit for the national carrier in 11 years.
In the same period the previous year, Kenya Airways had posted a net loss of Sh22.6 billion. However, this net loss was a 40.6 percent reduction on the loss posted in the 2022 financial year.
The profit after tax covering the 2024 financial year came as revenues for the national carrier increased by 6 percent to Sh188.5 billion. In the previous year, KQ had realized revenues of Sh178.5 billion which had been a 53 percent improvement on the revenue posted in the 2022 financial year.
Inside Kenya Airways newly leased Boeing 737-800 plane
At the same time, passenger numbers in the current year under review grew by 4 percent to 5.23 million. In the year under review, cargo volumes went up by 25 percent to stand at 70,776 tonnes.
“In 2024, Kenya Airways reaffirmed progress in its turnaround strategy, Project Kifaru, resulting in the highest number of passengers that the airline has ever uplifted, the highest turnover and the highest profit attained in the history of the airline,” said Kenya Airways chairman Michael Joseph.
Operating margin went up from 5.9 percent to 8.8 percent while operating profit went up by 58 percent Sh16.6 billion.
Mr. Joseph noted that the national carrier continue to build on the gains that have been realized in its turnaround strategy. “Along with this, and in the near term, the focus is on completing the capital restructuring plan whose main objectives are to reduce the Group’s financial leverage and increase liquidity to ensure the company can operate at normalized levels,” he said.
The net profit came as an expected forecast following the impressive results the national carrier had posted in the first half of the financial year under review. In that period, KQ had reported the first profit after tax since 2013 of Sh513 million.
This profit had reversed a net loss of Sh21.7 billion that had been recorded in the first half of the 2023 financial year.
