Kenya Airways (KQ) has posted its first profitable half in 11 years. For the first half of 2024, KQ reported a profit after tax of Kshs 513 million compared to the huge loss of Kshs 21.7 billion registered in the first half of 2024.
The outstanding performance is attributed to the airline’s Project Kifaru, a strategic turnaround initiative focusing on operational excellence, customer obsession, innovation, sustainability, and financial discipline.
Additionally, in H1 of 2024, the airline flew 2.54 million passengers, a 10% year-to-year growth. Its capacity rose by 16 percent to 7.991 billion Available Seat Kilometers.
KQ’s total revenue increased by 22 percent to Kshs 91 billion, primarily due to high passenger numbers. Revenue Passenger Kilometers (RPKs) increased by 14 percent.
Despite the rebound, the airline’s operating costs increased by 22% as its capacity grew. However, its overhead expenses dropped by 22 percent, underlining the airline’s strong commitment to operational efficiency and cost management.
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KQ’s Chairman Michael Joseph said the strong performance highlights the operational viability of KQ’s business and “underscores the effectiveness of the collective efforts by our board, management, and staff.”
“This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability” he added.
Responding to the development, the airline’s Chief Executive Officer Allan Kilavuka emphasized that the financial results indicate KQ’s strategic initiatives are generating the desired outcomes.
“We have focused on strengthening our core operations, enhancing our customer service, and exploring new avenues for growth. This performance positions us in good stead to navigate the challenges of the aviation industry and prepare for future growth,” he said.
