Kenya Airways reports historic Shs 5.4 billion profit in 2024

By Newsflash Correspondent

Nairobi, Kenya—March 25, 2025: Kenya Airways PLC has announced a record-breaking after-tax profit of KShs 5.4 billion for the financial year ending December 31, 2024.

This marks a dramatic turnaround from the KShs 22.6 billion loss recorded in the previous year, reflecting a staggering KShs 28 billion improvement and a 124% increase in net profit. The airline’s financial recovery signals a renewed trajectory towards stability and growth.

Strategic turnaround under Project Kifaru

The airline attributes this success to its strategic recovery plan, Project Kifaru, which has focused on operational efficiency, cost management, and enhanced customer service.

The comprehensive initiative has strengthened the company’s financial health and bolstered its resilience amid industry challenges.

Financial and operational performance

Kenya Airways’ financial performance in 2024 was characterized by notable improvements across key metrics:

Turnover increased by 6%, driven by a rise in passenger numbers.
Operating profit surged by 58%, showcasing effective cost control.
Total costs rose by 9%, aligning with expanded capacity.
Profit after tax improved by an unprecedented 124%.

On the operational front, the airline also recorded strong growth:

Capacity offered rose by 10%, measured in Available Seat Kilometers (ASKs).
Passenger numbers grew by 4%, reaching 5.23 million travelers.
Yield per seat remained stable despite increased market capacity.

Leadership insights

Kenya Airways PLC Chairman Michael Joseph hailed the remarkable performance as a testament to the airline’s resilience. “These results mark a historic milestone for Kenya Airways, with record passenger numbers and revenue. Our financial discipline, operational excellence, and commitment to customer satisfaction have been key in achieving this turnaround,” he stated.

Group Managing Director and CEO Allan Kilavuka emphasized the airline’s commitment to long-term sustainability, including attracting a strategic investor. “Despite global aviation challenges such as aircraft and engine shortages, our turnaround strategy is delivering results. We remain focused on finalizing our capital restructuring plan to improve liquidity and reduce financial leverage,” he noted.

Future plans

Looking ahead, Kenya Airways aims to optimize its network, expand its fleet, modernize cabin interiors, and diversify revenue streams. These efforts will ensure sustainable growth and adaptability in the evolving aviation industry, reinforcing Kenya Airways’ position as a leading African carrier